Finance Minister Nirmala Sitharaman is likely to table the new Income Tax Bill, aimed to reform the country’s taxation system, in the Lok Sabha on Monday, sources told India Today TV. The bill, which got the approval of the Union Cabinet on Friday, will replace the six-decade-old Income Tax Act, and will be sent to the Standing Committee for detailed discussions and suggestions.
The new legislation, which is often referred to as the Direct Tax Code, is aimed at overhauling the existing tax structure, making it more streamlined and transparent.
On Saturday, Sitharaman expressed hope she would be able to introduce the bill in the Lok Sabha “in the coming week”.
While presenting the Union Budget 2025-26 on February 1, Sitharaman announced the government’s intent to bring a new Direct Tax Code. She had first announced a comprehensive review of the Income Tax Act, 1961 in the July 2024 Union Budget.
PARLIAMENT BUDGET SESSION HIGHLIGHTS:
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Meanwhile, Parliament is set to resume today with the Lok Sabha and Rajya Sabha meeting at 11 am. On February 3, Rahul Gandhi lashed out at PM Modi and said he “failed” in making the ‘Make in India’ successful, although he called the initiative a “good idea”.
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In response, PM Modi hit back at Rahul Gandhi and taunted the Congress for giving false “gareebi hatao” (remove poverty) slogans for five decades. Raking up the ‘sheeshmahal‘ row (alleged extravagant spending of Delhi Chief Monister’s residence), the Prime Minister took a veiled jab at AAP chief Arvind Kejriwal, asserting that some political leaders only focused on “jacuzzis and stylish showers”.