New Delhi, Aug. 10 -- Parliament on Monday cleared the Taxation and Other Laws (Amendment) Bill, 2026, paving the way for a series of changes aimed at attracting foreign investment, promoting manufacturing and simplifying the tax framework. The Rajya Sabha considered the legislation and returned it to the Lok Sabha, which had passed the Bill on August 4.
The legislation replaces the Income-tax (Amendment) Ordinance, 2026, promulgated on June 5, and amends provisions of the Income-tax Act, 2025, the Finance Act, 2026, and the Payment and Settlement Systems Act, 2007.
Moving the Bill, union Finance Minister Nirmala Sitharaman said the proposed changes were designed to improve the ease of doing business, attract foreign direct investment and...