BJP MP Baijayant Panda to lead 31-member committee reviewing new Income Tax Bill

BJP MP Baijayant Panda will lead the 31-member Select Committee tasked with reviewing the Income-Tax Bill introduced by Finance Minister Nirmala Sitharaman.

The bill seeks to replace the existing Income Tax Act of 1961, aiming to simplify tax laws and provide greater clarity on tax-related matters. It was introduced by Sitharaman on Thursday and referred to the Lok Sabha select committee for further examination.

The committee comprises 31 MPs: 14 from the ruling BJP, six from Congress, two from Samajwadi Party, and one each from TMC, DMK, TDP, JD(U), Shiv Sena (UBT), NCP (SP), Shiv Sena, RSP, and Zoram People’s Movement. The BJP-led NDA alliance holds a majority in the committee with 17 out of the 31 members.

The panel is expected to submit its report by the first day of the Monsoon session. The ongoing Budget Session will end on April 4, and the Monsoon session is expected to begin in the third week of July.

The bill aims to replace complex terms like “assessment year” and “previous year” with the simpler “tax year” as part of an effort to simplify the language, while also removing cumbersome provisos and explanations.