The finance ministry is unlikely to introduce the new Income-Tax Bill in the upcoming Budget session of Parliament, though the internal committee formed under Chief Income-Tax Commissioner V K Gupta for the review of the Income-Tax Act is likely to submit its report before the presentation of the FY26 Budget.

“The Bill is unlikely to be enacted immediately during the Budget session. Based on the V K Gupta committee report, the legislation will be drafted with the help of the law ministry. After the draft Bill is ready, it will be referred to the Standing Committee on Finance for further scrutiny and feedback,” an official familiar with the matter said. Currently, the Gupta Committee is reviewing various recommendations from experts and bodies.