The Select Committee has submitted its report on the Income Tax Bill, 2025.
No drastic overhaul suggested by the Committee, just practical suggestions to fix drafting gaps, clarify intent, and retain the spirit of the Income Tax Act, 1961.
Key recommendations include:
‣ No Denial of Refund for Belated Returns
‣ Deduction for Pre-Construction Interest on Let-Out Property
‣ TDS Clarity for Provident Fund Withdrawals
‣ Defining “Status” in Appeals & “Beneficial Owner” for Loss Carry-Forward
‣ Protecting NPOs With Composite Objectives
‣ Reinstating GAAR Safeguards
