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New Delhi: Income-Tax (No 2) Bill and Taxation Laws (Amendment) Bill were passed by the Lok Sabha amid din on Monday. The government had officially withdrawn the Income-Tax Bill, 2025 on 8th August to incorporate the changes submitted by the Select Committee.
Baijyant Panda-headed Select Committee had recommended several changes in the New Income Tax Bill 2025 that was introduced in the Parliament on February 13, 2025.
The Income-Tax (No.2) Bill, 2025 has been introduced by the government to consolidate and amend the law relating to Income Tax Act 1961. The Taxation Laws (Amendment) Bill, 2025 is aimed at amending the Income-tax Act, 1961 as well as the Finance Act, 2025.
"Almost all of the recommendations of the Select Committee have been accepted by the government. In addition, suggestions have been received from stakeholders about changes that would convey the proposed legal meaning more accurately," said the statement of objects and reasons of the Income-Tax (No.2) Bill, 2025.
"There are corrections in the nature of drafting, alignment of phrases, consequential changes and cross-referencing. Therefore, a decision has been taken by the government to withdraw the Income-tax Bill, 2025 as reported by the Select Committee. Consequently, Income-tax (No. 2) Bill, 2025 has been prepared to replace the Income-tax Act, 1961," the statement said.
Finance Minister Nirmala Sitharaman introduced both the Bills in the Lok Sabha on Monday. were introduced by, were passed without any debate amid strong protest by members of the Opposition over revision of electoral rolls in Bihar. The Bills were passed by voice vote.
After the passage of the Bills, the Lower House was adjourned for the day.
