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Income-Tax(No2) Bill & Taxation Laws Amendment Bill clear Lok Sabha

Lok Sabha on Monday passed two Bills pertaining to taxation — Income-Tax (No 2) Bill and Taxation Laws (Amendment) Bill — amid din. The Income-Tax (No.2) Bill, 2025 seeks to consolidate and amend the law relating to Income Tax Act 1961 while the Taxation Laws (Amendment) Bill, 2025 will amend the Income-tax Act, 1961 as well as the Finance Act, 2025. These Bills, introduced by Finance Minister Nirmala Sitharaman, were passed without any debate amid vociferous protest by member of Opposition over revision of electoral rolls in Bihar. After the passage of these bills by voice vote, the Lok Sabha was adjourned for the day.

The bill seeks to replace the 1961 legislation and make income tax laws S.I.M.P.L.E to understand; the acronym was used by Finance Minister Sitharaman in February to refer to the guiding principles of the new law. These principles are: 'Streamlined structure and language; Integrated and concise; Minimised litigation; Practical and transparent; Learn and adapt, and Efficient tax reforms'Also passed Monday was the Taxation Laws (Amendment) Bill, 2025, which provides direct tax relief to Saudi Arabia's sovereign wealth fund and its subsidiaries investing in India.


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