FM presents new I-T Bill in LS, to be reviewed by a standing committee

The Income Tax Bill 2025 will undergo review by a standing committee before being sent back to the government for approval. Thus it will some time for it to be passed in the Parliament

The Union Finance Minister Nirmala Sitharaman presented the New Income Tax bill which is called ‘Income Tax Bill 2025’ in the parliament on Thursday. Furthermore, Sitharaman has asked the Lok Sabha speaker to create a standing committee that will review the newly tabled Income Tax Bill 2025.

 

However, amid the chaos over Waqf Amendment Bill 2025, the Lok Sabha proceedings were adjourned till 11 am, March 10, 2025. 

 

The new Income Tax Bill may also take some time to be passed in the Parliament. As mentioned by the FM Sitharaman, the I-T Bill may now be sent for review by the committee. After evaluation, the committee will give its recommendation, and the Income Tax Bill 2025 will then be sent back to the government through the cabinet.

 

 

This new law is expected to take effect from April 1, 2026. Experts say that while there are no major changes, the Bill aims to simplify the tax system by using clear language, removing unnecessary clauses, and expanding the definition of income. 

 

One key update is that virtual digital assets will now be considered property and counted as capital assets. The Bill also presents certain tax rules, like TDS provisions, presumptive tax rates, and assessment deadlines, in a table format for better clarity.

 

Chaos in Rajya Sabha over Waqf Bill report

 

Meanwhile, after the Joint Parliamentary Committee (JPC) submitted its report on the Waqf (Amendment) Bill in the Rajya Sabha, Opposition Leader Mallikarjun Kharge accused the committee of removing dissenting opinions from the report. Calling this move unfair and undemocratic. 

 

Kharge urged Vice President Jagdeep Dhankhar to reject the report and send it back. Opposition MPs protested by walking out when the report was presented in the Lok Sabha.

 

The JPC, which includes members from both the Opposition and BJP, had adopted the report by a 15-11 majority and submitted it to Lok Sabha Speaker Om Birla on January 30. 

 

BJP members argue that the Bill, first introduced in August 2023, aims to modernise and improve transparency in the management of Waqf properties. However, the Opposition claims that the Bill threatens the constitutional rights of the Muslim community and interferes with the functioning of Waqf boards.