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Parliament passes Income-Tax Bill, 2025 & Taxation Laws (Amendment) Bill, 2025
- Legislative Update – The Income-Tax Bill, 2025 and Taxation Laws (Amendment) Bill, 2025 were passed after Rajya Sabha returned both legislations to the Lok Sabha.
- Key Reform – The Income-Tax Bill, 2025 replaces the Income-Tax Act, 1961, aiming to make tax provisions concise, lucid, and taxpayer-friendly.
- Government’s Stand – Finance Minister Nirmala Sitharaman emphasized:
- No increase in tax burden since 2019.
- Simplification of rules in line with July 2024 Budget promises.
- Clear instructions from PM to keep taxes stable.
- Political Context – Opposition abstained from participation despite prior agreement for 16 hours of debate in each House.
- Significance – The bill is seen as a milestone reform in India’s financial and tax administration framework.
- Next Session – Rajya Sabha adjourned to meet on 18 August 2025.
Updated: August 13, 2025 – 8:45 AM | Source: PIB, PRS, Rajya Sabha TV