Union Budget of July 2024 was when the promise was made to the nation that we would come up with something simpler and that is where the new Act has come from. The work was completed in a record six months, involving nearly 75,000 person-hours dedicated by income tax officials to get this Act ready. Once the Union Cabinet cleared it, we went to Parliament to table it. It was then sent to a Select Committee of 31 Members of Parliament from across the political spectrum, headed by Shri Baijayant Panda (@PandaJay). I would like to express my thanks to him. In record time, with an intense number of meetings and by bringing in stakeholders from all over, the Select Committee did extraordinary work in reviewing the bill before it was brought back to Parliament, matching the efforts of the officers involved in drafting the law. The Committee recommended 196 different points, of which 184 were accepted and incorporated into the Act before it was taken up for discussion and passing. This clearly underlines the policy intent. Extensive consultation in the making of the law, both during its drafting and through parliamentarians in the Select Committee. A high level of collaboration and commitment resulted in this Act, which was eventually passed. - Smt @nsitharaman in New Delhi (1/2)