Direct Tax Reforms: Parliamentary panel to meet tomorrow to discuss simplifying taxes

The Parliamentary Standing Committee on Finance, chaired by , will meet on September 3 to discuss “: Simplification, Rationalisation and Ease of Compliance” with representatives of the Ministry of Finance’s Department of Revenue and the (CBDT).

The discussion will have special reference to the implementation of the Income-tax Act, 2025, direct , tax buoyancy, compliance and tax reforms.

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The subject was changed from the panel’s earlier agenda, which was to hear the Department of Economic Affairs on virtual digital assets after an August 27 sitting on the same topic was called off.

The committee has previously heard the Reserve Bank of India, the Institute of Chartered Accountants of India, the CBDT, the Financial Intelligence Unit-India, the Ministry of Corporate Affairs, the International Financial Services Centres Authority, the Revenue Secretary, and exchanges including CoinDCX, CoinSwitch, Coinbase and Binance as part of that study.

The Income-tax Act, 2025, which replaced the Income-tax Act, 1961, was passed by Parliament in the Monsoon Session and came into effect from April 1, 2026.

It was passed by the Lok Sabha on August 11, 2025 and the Rajya Sabha on August 12, 2025, and received presidential assent on August 21, 2025. The Act has 536 sections across 23 chapters and 16 schedules.