The Lok Sabha on Monday passed two key taxation bills – the Income Tax (No.2) Bill and the Taxation Laws Amendment Bill – without debate amid protests by the Opposition about the Bihar electoral roll revision, PTI reported.
The Income Tax (No. 2) Bill seeks to consolidate and replace the 1961 Income Tax Act, which has been amended several times.
The bill incorporates almost all of the recommendations of the select committee headed by Bharatiya Janata Party MP Baijayant Panda.
The 2025 Taxation Laws Amendment Bill amends both the 1961 Income Tax Act and the 2025 Finance Act providing tax exemptions to subscribers of the Unified Pension Scheme.
Both bills were introduced by Finance Minister Nirmala Sitharaman.
After the two bills were passed by voice vote, the Lok Sabha was adjourned for the day.
On Friday, the Union government had withdrawn the 2025 Income Tax Bill from Parliament, stating it would reintroduce the legislation as the Income Tax (No. 2) Bill.
The 2025 Income Tax Bill was introduced in the Lok Sabha on February 13 and referred to a select committee for scrutiny on the same day.
The decision to introduce a new bill was taken to incorporate suggestions provided by the select committee, which submitted its report on July 21.
“Almost all of the recommendations of the select committee have been accepted by the government,” the government had said. “Suggestions have also been received that need to be incorporated to convey the correct legislative meaning.”
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