Parliament Budget Session: New Income Tax Bill and Waqf Bill Report to be Tabled Today

New Delhi, February 10, 2025: The Budget Session of Parliament resumes today, with Union Finance Minister Nirmala Sitharaman set to introduce the new Income Tax (I-T) Bill in the Lok Sabha. The proposed legislation aims to replace the six-decade-old Income Tax Act and is expected to come into effect from April 1, 2026.

While the new I-T Bill does not introduce any major structural changes, experts describe it as a simplification exercise. The bill focuses on clearer language, elimination of unnecessary provisos and explanations, and an expanded definition of income. Notably, virtual digital assets have now been categorized as capital assets, bringing them under the tax net. Additionally, key taxation provisions, such as Tax Deducted at Source (TDS), presumptive taxation rates, and assessment time limits, have been structured in a tabular format for better clarity.

Waqf Bill Report to be Presented

Apart from the Income Tax Bill, the Waqf (Amendment) Bill report, prepared by a joint parliamentary committee, is also likely to be presented in the Lok Sabha today. The committee, which includes both Opposition and BJP MPs, submitted its report to Lok Sabha Speaker Om Birla on January 30.

The Waqf (Amendment) Bill, introduced in August 2024, has been a topic of intense debate. While BJP members argue that the bill seeks to bring modernization, transparency, and accountability in the management of Waqf properties, the Opposition has strongly opposed it, calling it an attack on the constitutional rights of the Muslim community and an attempt to interfere with Waqf boards’ autonomy.

With both bills expected to be tabled today, political discussions are likely to intensify in the Parliament as members deliberate on the implications of these legislative proposals.