New Delhi, Aug. 8 -- The Income-Tax Bill, 2025, which was introduced in the Lok Sabha on February 13 to replace the existing Income-Tax Act, 1961, has now been withdrawn, paving way for the revised Income Tax Bill, 2025.

The revised bill incorporates most of the recommendations given by the select committee -- which examined the Income Tax Bill 2025 and submitted its report on July 21. The committee had made 285 suggestions to the I-T Bill, 2025.

Those changes relate to simplifying the language of the draft legislation. After the committee gave its report in the Lok Sabha, government withdrew the previous version of the Income Tax Bill 2025.

Aside from the committee's proposals, suggestions were also received from other sources that ar...