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Lok Sabha: Select Committee Formed To Examine Income Tax Bill

Lok Sabha Speaker Om Birla formed a Select Committee to examine the bill a day after Union Finance Minister Nirmala Sitharaman tabled the new Income Tax Bill.

BJP MP from Odisha’s Kendrapara, Baijayant Panda, will lead the committee with 31 members.

The committee will consist of members like BJP MPs Nishikant Dubey, Jagadish Shettar, Sudhir Gupta, Anil Baluni, Shashank Mani, Naveen Jindal, Anurag Sharma, Congress MPs Deependra Hooda, Benny Behanan, Trinamool Congress MP Mahua Moitra, and Nationalist Congress Party (SP) legislator Supriya Sule, among others.

According to reports, the committee has to submit the report in the next session.

After facing criticism for being too complicated for regular taxpayers to understand, the new bill aims to simplify things, featuring 23 chapters, 16 schedules, and around 536 clauses.

The new Income Tax Bill is expected to provide a more transparent tax framework while keeping the fundamental tax structure unchanged.The government aims to simplify taxes for individuals and businesses.

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