New Delhi, Feb. 14 -- Union Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha on Thursday and urged Speaker Om Birla to refer it to a select committee of the House. The much-anticipated Bill will replace terminologies such as "assessment year" and "previous year" with the easier-to-understand "tax year" as part of a move to simplify language while removing provisos and explanations. Following introduction, the Bill was referred to the select committee of the Lok Sabha, which is mandated to submit its report by March 10.

Responding to the objections raised by some Opposition members at the introduction stage of the bill, the Finance Minister said Manish Tewari of the Congress and NK Premchandran of...