The Parliament has passed the Income-Tax Bill, 2025 and the Taxation Laws (Amendment) Bill, 2025 with Rajya Sabha returning both the legislations to the Lok Sabha after discussion. Replying to a debate on the two Bills in the Upper House this evening, Union Finance Minister Nirmala Sitharaman said, the new income tax legislation has been made taxpayer friendly.
She said, it has been made concise, lucid, easy to read and easy to understand. The Minister said, as promised in the July 2024 budget, the rules and provisions related to taxes are being simplified. She said, from 2019 onwards, Prime Minister Narendra Modi has given clear instructions that the Government will not increase the tax burden on people and not one paise has been increased.
Ms Sitharaman said, the new bill which will replace the 1961 Act is a milestone that this country’s financial system will face. She expressed displeasure that the opposition did not participate which had agreed in the Business Advisory Committee for 16 hours of debate each in both Houses.
S Niranjan Reddy of YSRCP, Naresh Bansal, Dr Bhagwat Karad, Mahendra Bhatt and Sanjay Seth of BJP, Sanjay Jha of JD (U), G K Vasan of TMC (M), Masthan Rao Yadav Beedha of TDP participated in the discussion. After completing today’s business, Rajya Sabha was adjourned for the day. It will meet again on Monday, 18th August 2025.
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