Revised Income Tax Bill with 285 Changes to Be Tabled in Lok Sabha on August 11

Union Finance Minister Nirmala Sitharaman will present the revised Income Tax Bill in the Lok Sabha on August 11, incorporating 285 suggestions from the Select Committee chaired by Baijayant Panda.

The earlier February 13 version was withdrawn last week to avoid confusion from multiple drafts. The updated bill, replacing the 1961 Act, simplifies language, aligns phrases, and corrects cross-references.

Key changes include allowing tax refunds even if returns are filed late, restoring Section 80M deductions for certain inter-corporate dividends, and enabling NIL TDS certificates.

The government accepted all panel suggestions to ensure smooth implementation.