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Lok Sabha Passes Income-Tax and Taxation Laws Bills Why in the News? The Lok Sabha passed the Income-Tax (No. 2) Bill, 2025 and the Taxation Laws (Amendment) Bill, 2025 through a voice vote amid opposition protests from the treasury benches, marking a significant step in simplifying and reforming India’s tax framework. Reform Journey and Legislative …
Read MoreSyllabus: GS 3: Indian Economy Why in the News? Recently, the Union Finance Minister introduced the Income-Tax Bill, 2025, aiming to replace the Income-Tax Act, 1961. The bill seeks to simplify tax laws but raises concerns over legal complexities and expanded government powers. Income-Tax Bill, 2025: Reform or Mere Repackaging? Union Finance Minister introduced the …
Read MoreSyllabus: GS-3: Mobilization of Resources , Fiscal Policy Focus: The Income-tax Bill, 2025, introduced in the Lok Sabha, aims to replace the Income-tax Act, 1961, by removing outdated provisions, simplifying tax laws, and reducing litigation. It introduces clear tabular formats, eliminates redundant sections, and replaces the ‘Assessment Year’ with ‘Tax Year’, ensuring a more transparent …
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