On February 13, the opposition MPs staged a walkout in response to the introduction of the new Income Tax Bill 2025 in the Lok Sabha.
The Income Tax Bill 2025 has been introduced in the Lok Sabha by Finance Minister Nirmala Sitharaman. The new measure intends to make it simpler for people to pay taxes and submit returns by streamlining the terminology used in Indian tax rules.A number of opposition MPs were observed staging a walkout as soon as Nirmala Sitharaman tabled the bill during a commotion in the Parliament. The total number of MPs who left the session is unknown.
Objections are raised by opposition.
"He should understand where the law is today and where it is being reduced," Sitharaman said in response to opposition MP NK Premachandran of Kerala's Kollam objecting to the new bill's more provisions than the 1961 Income Tax Act.
First passed in 1961, the Income Tax Act went into force in 1962. At that time, they had only 298 sections…But as time went by…many additional portions were added. There are 819 parts as of right now, Sitharaman stated. We're cutting it down to 536 from that 819. Therefore, he ought to examine what it is today," she continued.
Since the 1961 act went into effect, she said, 4,000 revisions have been made, and these are "being looked at now."
In response to TMC MP Professor Sougata Ray's criticism that the new tax bill's modifications were "mechanical," the minister stated, "They're not mechanical changes." There are significant changes taking place. The word count has been cut in half. Chapters and sections have been released. Both plain simple Hindi and plain simple English are used.
A bill will be forwarded to the House committee.
Additionally, Sitharaman recommended that a newly established Select House Committee be tasked with reviewing the new Income Tax Bill 2025. "[Speaker Om Birla] will decide the terms and conditions regarding the committee," she stated.
0 Comments