Daijiworld Media Network - New Delhi

New Delhi, Jul 22: BJP MP Baijayant Jay Panda, who heads the Parliamentary Select Committee on the new income tax bill, has said the proposed legislation will make tax filing significantly easier for ordinary citizens and small businesses.

In an interview, Panda noted that the current Income Tax Act, in place since 1961, has become overly complicated with over 4,000 amendments and more than 5 lakh words. “The new bill cuts this complexity by nearly half, making it much more readable and user-friendly,” he said.

Panda emphasized that the bill is designed with common taxpayers and MSMEs in mind — groups that often lack access to legal or financial advisors. “Large corporations can afford consultants. But for MSMEs and individual taxpayers, simplified rules mean fewer disputes and smoother compliance,” he explained.

The committee held 36 uninterrupted meetings over several months, consulting more than 100 stakeholders including experts and industry representatives.

Panda highlighted that the committee didn’t seek any extensions or postpone a single meeting — a rare instance of efficient and focused parliamentary work.

The committee’s report, which includes over 300 recommendations, has been submitted on time and is expected to be tabled during the ongoing Monsoon Session. If approved, the law could come into effect from April 1 next year.

While the bill doesn’t alter any tax rates or policies — those remain the purview of the Finance Bill — it does modernize the legal foundation, ensuring easier implementation of both current and future reforms.

“There was genuine bipartisan cooperation. Members worked together to create a framework that benefits taxpayers. No political scoring — just teamwork in the national interest,” Panda said.

He added that the committee’s goal was not to propose new tax policies, but to ensure the structure is aligned with recent reforms and is accessible to all. “A simpler law is the first step to better compliance and less confusion — for both citizens and tax officers,” he concluded.