Parliament on Tuesday passed the new Income Tax Bill, with the Rajya Sabha returning the legislation to the Lok Sabha.
Finance Minister Nirmala Sitharaman introduced the two money bills — The Income Tax Bill, 2025, and The Taxation Laws (Amendment) Bill, 2025.
Gold Rate
08 Aug 2025
The Rajya Sabha returned the legislation with a voice vote to the lower house.
The Income Tax Bill will replace the Income Tax Act, 1961.
Explaining the reasons for bringing the new income tax law, Sitharaman said some parts of the Income Tax Act, 1961, have become outdated and hence a new legislation was needed.
She stressed that the new income tax law aims to make the language simple and does not introduce any new rate.
Sitharaman also lashed out at the Opposition for not participating in the discussion on important bills like the income tax law.
“I am shocked that the Opposition doesn’t want to participate,” she said.
Opposition parties staged a walkout in the Rajya Sabha, as they did in the Lok Sabha on Monday
