Income Tax Bill 2025

August 11, 2025 5:15 PM

Lok Sabha passes income tax and taxation laws amendment bills amid opposition protests

In a brief but consequential sitting on Monday, the Lok Sabha passed two major financial legislations - the Income-Tax Bill, 2025 and the Taxation Laws (Amendment) Bill, 2025 - amid loud protests by opposition members over the Special Intensive Revision (SIR) of electoral rolls. The Bills were introduced by Union Finance Minister Nirmala Sitharaman, who urged the House to consider amendments to the Income-tax Act, 1961 and the Finance Act, 2025. The session resumed at 4 p.m. with Sandhya Rai p...

August 11, 2025 3:14 PM

FM Sitharaman tables revised Income Tax Bill in Parliament to enhance fairness, clarity

Union Finance Minister Nirmala Sitharaman on Monday introduced a revised version of the Income Tax Bill, 2025 in the Lok Sabha, incorporating most of the recommendations made by the Parliamentary Select Committee headed by BJP leader Baijayant Panda. The introduction took place amid Opposition uproar. Tabling the bill, Sitharaman said that the changes were necessary to convey the correct legislative meaning. “There are corrections in the nature of drafting, alignment of phrases, consequentia...

July 29, 2025 11:04 PM

No change in tax rates under Income Tax Bill 2025: IT Department

The Income Tax Department on Tuesday issued a clarification on the proposed Income Tax Bill 2025, stating that it is aimed solely at simplifying the language and removing redundant or outdated provisions, and does not propose any change in tax rates. The clarification came after several media reports and social media posts claimed that the new bill would alter Long Term Capital Gains (LTCG) tax rates for certain categories of taxpayers. Some reports even suggested that the existing tax exempti...