The central government withdrew the income tax bill in the Lok Sabha! Now the government will bring a new bill. Will there be any change in tax?

The government has introduced the Income Tax Bill in the Lok Sabha. The government will now bring a new bill instead. After being tabled in the Lok Sabha in February 2025, it was sent to the Select Committee. After accepting all the suggestions of the select committee, the government will now come up with a new bill. The Centre had introduced the new bill in the Lok Sabha on February 13, 2025, and sent it to a select committee for scrutiny the same day. The committee submitted its report to Parliament on July 22, 2025. The Union Cabinet has approved the new income tax bill. The Bill will now be introduced in the Lok Sabha on Monday (August 11, 2025). The bill will replace the six-decade-old Income Tax Act, 1961. The bill will replace the six-decade-old Income Tax Act, 1961. The Select Committee, headed by BJP MP Baijayant Panda, has made several amendments after reviewing it. The biggest question about the new income tax bill is about the slab. The Income Tax Department had made it clear that there is no change proposed in the tax slabs in the new bill. According to the Income Tax Department, the purpose of the new bill is to simplify the language and remove unnecessary provisions. Finance Minister Nirmala Sitharaman sought permission to withdraw the Income Tax Bill, 2025, as per the report of the Select Committee, amid noisy scenes by members of opposition parties over the issue of Special Intensive Revision (SIR) of electoral rolls in Bihar. After the approval of the House, he withdrew the Income Tax Bill.