The Income Tax Bill, 2025, which was introduced in the Lok Sabha on February 13 to replace the existing Income Tax Act, 1961, has been formally withdrawn, sources said on Friday. 

A new version of the Income Tax Bill, incorporating most of the recommendations made by the Select Committee chaired by BJP MP Baijayant Jay Panda, will be introduced in Parliament on Monday, according to people in the know.

To avoid confusion by multiple versions of the Bill and to provide a clear and updated version with all the changes incorporated, the new version of the Income Tax Bill will be introduced for the consideration of the House.