 Bill, 2025 through a voice vote, despite opposition){kind=link}
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.
Get Latest News Live on MTIMES along with Breaking News and Top Headlines, Political News and around The World.
You May Like
Trending Searches Today |
NEET PG 2025 Exam Analysis: Difficulty Level, Paper Review & Good Attempts
“India Struck Pakistan Hard and Smart”: Tharoor Praises Operation Sindoor in the US
India-US Joint Mission NISAR Launched Successfully by ISRO’s GSLV-F16
Trump Signs Executive Order Imposing New Tariffs on 68 Countries, Including India Allies
Asia Cup 2025: India to Clash with Pakistan on September 14 in UAE
AI for India 2.0 Empowers Rural Youth
- ✅ Advanced multi-Stage Purification with RO + UV + UF Technology: Enjoy 100% safe and pure drinking water with triple-la…
- ✅ Copper, Zinc & Alkaline Boost for Healthier Water: Infused with essential minerals, this purifier adds Copper for impr…
- ✅ Built-in TDS Adjuster for Taste & Mineral Balance: The TDS (Total Dissolved Solids) Adjuster allows you to customize t…
- Advanced 7-Stage Purification: Combines RO + UV + UF + TDS technology to remove bacteria, viruses, and dissolved impurit…
- Triple Power of Zinc & Copper Alkaline: Enriches water with essential minerals, enhances pH balance, and promotes overal…
- Efficient TDS Controller: Retains vital minerals while ensuring purified, great-tasting water.
- ✅12-Stage Advanced Purification: Combines RO + UV + UF technologies to effectively remove impurities while adding essent…
- ✅TDS Adjuster for All Water Sources: Equipped with a smart TDS controller to ensure safe and great-tasting water from bo…
- ✅Copper-Infused Alkaline Water: Enhances water with natural antimicrobial properties and balances pH for improved immuni…