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Parl Panel Suggestions on I-T Bill Tabled in Lok Sabha | Current Affairs | Vision IAS

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Parl Panel Suggestions on I-T Bill Tabled in Lok Sabha

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Parliamentary Select Committee Review of the Income Tax Bill 2025

The Parliamentary Select Committee has proposed significant amendments to the new Income Tax Bill 2025. 

Key Recommendations

  • Beneficial Owner Definition: Broadened to include individuals benefiting directly or indirectly from shares during the tax year, allowing them to carry forward losses.
  • Inter-Corporate Dividends: Reinstatement of deductions for these dividends, which were missing in the draft.
  • Standard Deduction: A 30% deduction post-deduction of municipal taxes.
  • Pre-Construction Interest Deductions: Extended to include let-out properties.
  • Taxpayer Relief:
    1. Recommendation for 'Nil' tax deduction certificates.
    2. More discretion for officers to waive penalties for non-deliberate non-compliance.
    3. Allowing refunds for late tax return filings for small taxpayers.
  • Non-Performing Assets (NPA): Calls for clearer definitions to resolve disputes between banking and tax laws.
  • Definition of 'Parent Company': Clear definitions are requested to address gaps in capital gains clauses.
  • Non-Profit Organizations:
    1. Provisions to ensure religious-cum-charitable trusts retain exemptions for anonymous donations.
    2. Elimination of residual references to the 1961 Act to promote a self-contained code.

Expected Outcomes

The proposed changes aim to enhance transparency, reduce disputes, and align with the government's objective of establishing an efficient tax system.

  • Tags :
  • Income Tax Bill 2025
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