Centre Withdraws Income Tax Act 2025, Revised Bill to be Tabled in Parliament on August 11

The central government has withdrawn the Income Tax Bill 2025, which was introduced to replace the 1961 Income Tax Act. Finance Minister Nirmala Sitharaman announced that the bill will be revised based on recommendations from a parliamentary committee and reintroduced in the Lok Sabha on August 11. The move aims to provide a clearer, updated version and avoid confusion caused by multiple drafts.