Parliament Passes New Income Tax Bill, 2025
New Delhi: Parliament passed the new income tax invoice on Tuesday and returned the Rajya Sabha legislation to Lok Sabha. Finance Minister Nirmala Sithaman introduced two money invoices – Income Tax Invoice, 2025 and Taxation Laws (Amendment) Law, 2025.
Rajya Sabha returned the legislation with voice votes. The Income Tax Law will replace the 1961 Income Tax Law. Explaining the reasons for the introduction of the new Income Tax Law, Sithaman said that some parts of the 1961 Income Tax Law was outdated and therefore a new legislation is necessary.
He stressed that the new Income Tax Law aims to simplify the language and did not bring a new rate. Sithaman also attacked the opposition because he did not participate in the discussion on important invoices such as Income Tax Law.
“I was shocked that the opposition did not want to participate,” he said. The opposition parties organized a strike in Rajya Sabha, as in Lok Sabha on Monday. Opposition parties, Lok Sabha and Rajya Sabha in the business advisory committee accepted the 16 -hour discussion on the income tax invoice.
He also announced the gratitude to the Parliament Election Committee, which examined the bill. He also said that a total of 75,000 people have gone for the preparation of the bill.
