The Impressive TimesNew Delhi : The Income-Tax Bill, 2025 is scheduled to be introduced in the Lok Sabha today, marking a significant step in the government’s efforts to consolidate and amend the existing income tax laws. The Bill has been officially listed in the business agenda of the House, and its introduction aligns with the announcement made by Finance Minister Nirmala Sitharaman during her Budget speech earlier this year. The proposed legislation aims to simplify tax compliance, enhance transparency, and provide relief to a large section of taxpayers. One of the key highlights of the Bill is the exemption of individuals earning up to ₹12 lakh per annum from paying income tax, a move expected to benefit the middle class and salaried professionals significantly.
Apart from addressing the tax slabs, the new Bill is likely to streamline outdated provisions and introduce measures to curb tax evasion. With the rise of digital transactions and the expanding role of technology in the economy, the Bill may also include provisions for taxing digital assets and crypto transactions. Additionally, it is anticipated to bring relief for small businesses, particularly MSMEs and startups, by offering concessions and a more favorable tax environment to encourage entrepreneurship. The government is also expected to introduce simplified tax filing mechanisms to make compliance easier for taxpayers, further supporting the shift towards digitization in taxation processes.
The introduction of the Bill is expected to spark significant discussions in Parliament, with the opposition raising concerns over its implementation and potential implications for various economic sectors. Given its broad impact, the proposed legislation will likely be scrutinized in detail before being passed into law. The discussion on this Bill is expected to be one of the key highlights of the ongoing session.
In addition to the Income-Tax Bill, 2025, the Report of the Joint Committee on the Waqf (Amendment) Bill, 2024 is also scheduled to be tabled in both the Lok Sabha and Rajya Sabha today. The Waqf (Amendment) Bill aims to bring reforms in waqf property management and enhance transparency in the governance of waqf boards across the country. As this is the last day of the first part of the Budget Session of Parliament, the day’s proceedings are expected to be eventful, with several important discussions and debates taking place.
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