The panel will hear oral evidence from top legal and advisory firms. These include Vaish Associates Advocates, Reina Legal, Economic Laws Practice, and Ved Jain & Associates, the report said.
Jayant G. Pendse, former member of the Central Board of Direct Taxes (CBDT), will also present his views. Representatives from the Asia Pacific Real Assets Association Limited (APREA) will join the discussion.
Earlier on April 18, the committee invited suggestions from experts, industry bodies, and other stakeholders, according to an official release.
BJP Lok Sabha MP Baijayant Panda chairs the committee. It has asked interested parties to submit their suggestions or memoranda, ANI said.
The government announced a major review of the Income Tax Act, 1961 in the July 2024 Budget. The goal is to simplify the Act and cut down on disputes.
The government first sought stakeholder feedback on March 18. The Select Committee is now examining the bill in detail.
Union Finance and Corporate Affairs Minister Nirmala Sitharaman has said the bill will come up in Parliament’s monsoon session.
Sitharaman has described the Finance Bill 2025 as offering “unprecedented tax relief” to taxpayers.
She tabled the new Income Tax Bill in Lok Sabha on February 13. The bill aims to replace the Income Tax Act, 1961 and bring changes for individuals, businesses, and non-profits.
First Published: May 2, 2025 1:32 PM IST
