New Delhi, Aug. 12 -- The Income Tax Bill (No2) 2025 - a major legislative move to replace the 63-year-old law governing income taxation for individuals and corporations - was passed in the Lok Sabha on Monday in just three minutes, without any debate. The Bill, which streamlines TDS, exemptions and other compliance-heavy provisions as also allows individuals to claim refunds without penalty on delayed filings, was passed as the opposition parties continued to disrupt proceedings.
Finance Minister Nirmala Sitharaman, who had on August 8 withdrawn the Income Tax Bill, 2025 she had introduced in February, on Monday introduced an updated version incorporating recommendations made by a Parliamentary panel that scrutinised the legislation. Amid...