New Delhi, Aug 12: Parliament on Tuesday passed the new Income Tax Bill, with the Rajya Sabha returning the legislation to the Lok Sabha.
Finance Minister Nirmala Sitharaman introduced the two money bills — The Income Tax Bill, 2025, and The Taxation Laws (Amendment) Bill, 2025.
The Rajya Sabha returned the legislation with a voice vote to the lower house.
The Income Tax Bill will replace the Income Tax Act, 1961.
Explaining the reasons for bringing the new income tax law, Sitharaman said some parts of the Income Tax Act, 1961, have become outdated and hence a new legislation was needed.
She stressed that the new income tax law aims to make the language simple and does not introduce any new rate.
Sitharaman also lashed out at the Opposition for not participating in the discussion on important bills like the income tax law.
“I am shocked that the Opposition doesn’t want to participate,” she said.
Opposition parties staged a walkout in the Rajya Sabha, as they did in the Lok Sabha on Monday.
Opposition parties had agreed in the Business Advisory Committee to 16 hours of debate each in the Lok Sabha and Rajya Sabha on the Income Tax Bill, she pointed out.
She also expressed gratitude to the Select Committee of Parliament, which scrutinised the bill.
She further said a total of 75,000 person hours have gone into the drafting of the Bill.(PTI)
