Lok Sabha Speaker Om Birla on Friday constituted a 31-member Select Committee of the lower house to examine the Income Tax Bill.<\/p>\n

To be headed by BJP’s Baijayant Panda, the panel is mandated to submit its report by the first day of the next session.<\/p>\n

The ongoing Budget Session will conclude on April 4 and the Monsoon session could commence in the third or fourth week of July.<\/p>\n

While introducing the Bill in the Lok Sabha on Thursday, Finance Minister Nirmala Sitharaman had urged Om Birla to refer the draft law to a Select Committee of the House.<\/p>\n

The much-anticipated Bill will replace terminologies such as “assessment year” and “previous year” with the easier-to-understand “tax year” as part of a move to simplify language while removing provisos and explanations.<\/p>\n

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)<\/i><\/p>\n

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