India, Aug. 8 -- Finance Minister Nirmala Sitharaman on Friday withdrew the Income Tax Bill, 2025 in the Lok Sabha. The Bill was introduced in the Lower House of the Parliament on February 13 earlier this year, replacing the Income-Tax Act, 1961.

Sitharaman withdrew the Bill just before the House was adjourned after Krishna Prasad Tenneti, who was in the Chair, asked the Finance Minister to move for leave to do so.

While withdrawing the Bill, the government said it would be coming out with an updated version of the Bill, which would include the changes suggested by the Select Committee. The fresh version of the legislation will be introduced in the Lok Sabha on Monday (August 11).

The 31-member committee, chaired by BJP MP Baijayant Pa...