Income Tax Bill 2025: What It Is, Why It Was Withdrawn and Everything You Should Know

In a significant move, Union Finance Minister Nirmala Sitharaman on Friday withdrew the much-discussed Income Tax Bill, 2025, from the Lok Sabha. Far from shelving tax reform altogether, the government plans to reintroduce a revised version of the bill on August 11, incorporating several recommendations from the Parliamentary Select Committee . The aim is to make the legislation more practical, transparent, and aligned with India’s evolving economy.