Bengaluru (Karnataka) [India], March 6 : BJP leader CT Ravi said on Thursday said that the Income Tax Bill 2025 will keep a check on the businesses of the people and said only people who do not pay taxes need to be scared.
In Union Budget for 2025-26 income tax exemption limit has been extended from Rs 7 lakh to Rs 12 lakh, providing significant relief to taxpayers, especially the middle class.
"... During the Congress government's tenure, even people with an annual income of Rs 2 lakh had to pay income tax... This bill will keep a check on people's businesses and whether they pay income tax or not. A clean chit can't be given to those who steal (income tax)... Only those who (don't pay their taxes) need to be scared," Ravi told ANI.
He said, "I want to express my gratitude to Prime Minister Narendra Modi for this tax exemption".
Meanwhile, a meeting of the Select Committee of the Lok Sabha, under the chairmanship of Bharatiya Janata Party MP Baijayant Panda, to examine the Income-Tax Bill 2025 was held at the Parliament House Annexe in New Delhi.
On March 7, the 31-member select committee, headed by BJP MP Baijayant Panda, will listen to the views of industry bodies Federation of Indian Chambers of Commerce and Industry (FICCI) and Confederation of Indian Industry (CII) on the new bill.
Lok Sabha Speaker Om Birla constituted a 31-member Select Committee of Lok Sabha MPs to examine the new Income Tax Bill, which aims to simplify tax laws, modernise definitions, and provide more clarity on various tax-related matters.
This new bill, tabled in Lok Sabha by Union Finance Minister Nirmala Sitharaman on February 13, seeks to replace the existing Income Tax Act, 1961 and introduce changes that affect different categories of taxpayers, including individuals, businesses, and non-profit organisations.
After presenting the income tax bill, the Finance Minister asked the Lok Sabha Speaker to nominate members for a standing committee to review the newly tabled income tax bill.
One of the significant changes in the new bill is the introduction of simplified language and modern terminology. It replaces outdated terms and brings in new ones to align with today's economy.
For example, it introduces the term "tax year" instead of the existing terms like financial year and assessment year systems. It also defines "virtual digital asset" and "electronic mode", reflecting the growing importance of digital transactions and cryptocurrency in today's financial landscape.
In terms of the scope of total income, the new bill makes certain clarifications while maintaining the existing tax principles.