I-T Bill Withdrawal and Updated Version in Lok Sabha

• Finance Minister Nirmala Sitharaman withdrew the Income Tax Bill, 2025 due to Opposition demands for a discussion on the special intensive revision (SIR) of Bihar electoral rolls.

• The updated version is expected to incorporate most of the changes suggested by the Select Committee chaired by BJP MP Baijayant Panda.

• The original version of the Bill was introduced in the Lok Sabha on February 13.

• The new version of the Income Tax Bill will be introduced for House consideration on Monday.

• The Select Committee’s suggestions included continuing tax exemption on anonymous donations made to religious-cum-charitable trusts and allowing taxpayers to claim TDS refunds even after the due date for filing income tax returns.

• The new Bill exempts taxes for anonymous donations to non-profit organizations purely religious trusts, but donations received by religious trusts with other charitable functions will be taxed.