Parliament panel examining Income Tax Bill holds first meeting

The Finance Ministry briefed the members of a Select Committee on the new Income Tax Bill, which aims to simplify the six-decade-old Act and make it user-friendly. The Bill, introduced by Finance Minister Nirmala Sitharaman, will replace terms like "assessment year" with "tax year". The 31-member committee, led by BJP MP Jay Panda, will report by the Monsoon session.