New Delhi, Aug. 8 — Union Finance Minister Nirmala Sitharaman on Thursday formally withdrew the existing Income Tax (Amendment) Bill from the Lok Sabha, paving the way for an updated version to be introduced on August 11.
According to government sources, the revised Bill will incorporate most of the recommendations made by the Parliamentary Select Committee that examined the original proposal. The committee’s suggestions reportedly focus on improving compliance, simplifying tax procedures, and ensuring greater clarity for taxpayers.
The Finance Minister said the move was aimed at “bringing a more comprehensive and consensus-based legislation” to address emerging economic needs.
The updated draft is expected to cover adjustments in tax slabs, procedural reforms for digital tax filing, and stronger provisions for tackling tax evasion — though officials have not confirmed specific clauses ahead of its introduction.
Parliamentary observers say the August 11 tabling will be closely watched, as the Bill is likely to impact a broad section of taxpayers and business entities across the country.
