The new Income Tax (No. 2) Bill 2025 passed in Lok Sabha. Download copy

The new Income Tax (No. 2) Bill 2025 has been passed in Lok Sabha. The new Bill was introduced in Lok Sabha today by Finance Minister. 

Earlier on Friday, the 8th August 2025, the Finance Minister in Lok Sabha withdrew the Finance Bill 2025. The Income-tax Bill, 2025 was tabled in Parliament on 13th February 2025, marking a significant step toward simplifying the language and structure of the Incometax Act, 1961.

On the same day it was \referred to the Select Committee for examination. On 21^st July 2025, the Select Committee had submitted its report in the Lok Sabha. The Government had almost accepted all the recommendations of the committee.

However, the Government had withdrawn the Income Tax Bill 2025. It was stated that suggestion have been received from other sources as well which are required to be incorporated to convey the correct legislative meaning. It is stated that there are corrections in the nature of drafting, alignment of phases, consequential changes and cross referencing.

As a result, the Government had decided to withdraw the Income-tax Bill, 2025 as reported by the Select Committee.

Accordingly, the new Income Tax (No. 2) Bill 2025 has been passed today in Lok Sabha.

Download Copy of Income Tax (No. 2) Bill 2025 Click Here >>

• Object of assessment proceedings is not to find empirically correct solution on every fact issue – HC
• Penalty u/s 270A deleted as assessee filed revised computation during scrutiny
• Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT
• Merely ex-parte rectifying computation without amending assessment order not make it nullity- ITAT
• Once assessee discharges primary onus, it shifts to AO to bring evidence to contrary – ITAT