Amendment Bill Passed In Lok Sabha
Tax and Income Tax Amendment Bill Passed In Lok Sabha Amid Ruckus : The Lok Sabha has passed the Taxation Laws (Amendment) Bill, 2025 and the Income-Tax (No. 2) Bill, 2025 by voice vote. Union Finance Minister Nirmala Sitharaman had introduced these bills amid protests by opposition members over the special voter revision work in Bihar and other issues.
Bill Passed In Lok Sabha
The tax system has been made more efficient, transparent and taxpayer-friendly. Continuing the chain of reforms, the Simplified Income Tax Bill, 2025 was introduced in Parliament on February 13 this year, after completing the simplification work in a record time of six months.
The Bill was referred to a Select Committee, which submitted its report on 21st of last month.
The government has accepted almost all the recommendations of the Select Committee. The salient features of the Income Tax Bill, 2025 include the exemption under Section 80M of the IT Act, 1961 (Section 148 of the IT Bill, 2025), which is also available to companies that have opted for the new regime.
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