Lok Sabha Passes Taxation Laws (Amendment) Bill 2025 and Income-Tax (No.2) Bill 2025 Amid Opposition Protests
The Lok Sabha has passed the Taxation Laws Amendment Bill 2025 and the Income-Tax (No.2) Bill, 2025 through a voice vote, despite opposition protests over the Special Intensive Revision (SIR) exercise in Bihar and other issues. Union Finance Minister Nirmala Sitharaman moved the legislations, stressing their role in simplifying and modernizing India’s tax system.
The Income-Tax (No.2) Bill, 2025 aims to consolidate and amend laws relating to income tax, while the Taxation Laws Amendment Bill 2025 further amends the Income-tax Act, 1961 and the Finance Act, 2025.
Major Tax Reforms Since 2014
Since 2014, the government has introduced several key reforms, including:
- Corporate tax reforms
- Personal income tax reforms
- Changes in capital gains taxation
- Merger of two regimes of trust provisions
These reforms have made tax administration more efficient, transparent, and taxpayer-friendly.
Highlights of the New Income-Tax Bill 2025
The simplified Income-Tax Bill 2025 was introduced in Parliament on 13th February after completing the simplification process in a record six months. The Bill was later referred to a Select Committee, which submitted its report on 21st July. The government accepted almost all the committee’s recommendations.
Key features include:
- Deduction under Section 80M of the Income-tax Act, 1961 (Clause 148 of the Bill) will now be available to companies opting for the new tax regime.
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