Parliament LIVE | Govt shall take measures to propel growth: Sitharaman
The FM is likely to table the new Income Tax Bill which is part of an effort to reform the tax system and overhaul the existing tax structure
Finance Minister Nirmala Sitharaman is likely to table the New Income Tax Bill in Parliament on Tuesday (February 11).
The Union cabinet approved the New Income Tax Bill on Friday (February 7). The new bill will replace the existing Income Tax Act 1961. After the bill is introduced in Parliament, it will be sent to the Standing Committee on Finance for review. The bill will again go to the cabinet with the recommendations of the parliamentary committee.
Bid to reform tax system
This bill is part of an effort to reform the tax system and overhaul the existing tax structure to make it more streamlined and transparent.
The Central Board of Direct Taxes set up an internal committee to supervise the review process with the intention to create a more straightforward and comprehensible Income Tax Act.
Twenty-two specialised sub-committees were formed to examine different aspects of the Act.
Also Read: Sitharaman may introduce new income tax bill in Lok Sabha next week
It is reported that the new bill may reduce the number of sections by about 30 per cent in an effort to simplify the tax rules and their clauses, and the number of pages may be reduced by half.
Some experts say that the new bill would enhance the ease of doing business, reduce ambiguity in interpretations, and improve tax administration and compliance.
The Finance Secretary Tuhin Kanta Pandey has said that the proposed New Income Bill will be straightforward, devoid of lengthy explanations and complex provisions. He said the new legislation will maintain tax neutrality.
The new bill aims to simplify direct tax laws while maintaining current tax obligations.
It seeks to enhance tax certainty by minimising ambiguity and reduce the number of disputes.
The general public was invited to offer suggestions covering four areas of the Bill: language simplification, reduction in litigation, streamlining compliance, and the identification of outdated provisions. The income tax department received about 6,500 suggestions from various stakeholders.
Live Updates
- 11 Feb 2025 10:03 AM GMT
Non-delivery of medical services in rural areas far from truth: Nadda
Union Health Minister JP Nadda on Tuesday said the question being asked by members of parliament on non-availability of medical services in rural areas is "far from the truth".
During Question Hour in the Rajya Sabha, the minister said there may be less number of doctors posted on ground in rural areas but the shortage is being addressed by the government by increasing medical seats that will lead to addition of 75,000 new doctors over the next five years and 10,000 this year.
"The question frequently arises that we are unable to serve in rural areas, it is very far from the truth. Our MMR (maternal mortality rate) is double that of global decline. U-WIN tracks every mother who becomes pregnant till the delivery time and when the child becomes two years old and gets all the injections done. Everything is tracked," Nadda said.
He was responding to a question by a Congress MP.
To cite the strength of the medical system, the health minister said 220 crore double doses with booster injections were given during the Covid-19 pandemic across the country even in the remotest part of the country. "Posting doctors is the responsibility of states. We pay them. If doctors aren't there, then we are running mobile medical units, doing telemedicine consultation," Nadda said.
- 11 Feb 2025 10:02 AM GMT
Draft UGC regulations for selection of VCs 'anti-constitutional': Moitra
TMC MP Mahua Moitra on Tuesday termed as "anti-constitutional" the draft UGC regulations for selection of vice chancellors in Central and state universities.
Demanding a rollback of the criteria of the search-and-selection committee of vice chancellors of state-aided universities, Moitra said during Zero Hour that there is no state-government representative in the committee even though states pay completely for the state-run universities.
The draft UGC regulation, 2025, which seeks to replace the UGC regulation 2018, is "over-centralised, anti-constitutional and anti-federal", Moitra said.
According to the draft regulations, industry experts, as well as senior professionals from public administration, public policy and public sector undertakings, might soon be eligible for appointment as vice chancellors. The draft norms have also given power to chancellors or visitors to constitute the three-member search-cum-selection committee to appoint vice chancellors.
The new guidelines will also amend the norms for hiring faculty members in universities allowing people having a postgraduate degrees in Master of Engineering (M.E) and Masters of Technology (MTech), with at least 55 per cent marks, to directly get recruited to the Assistant Professor level without qualifying for the UGC National Eligibility Test (NET).
- 11 Feb 2025 10:01 AM GMT
Out on parole, Engineer Rashid raises in LS issue of civilian deaths in J-K
Lok Sabha member Sheikh Abdul Rashid on Tuesday demanded a "full investigation" into the recent death of two civilians in Jammu and Kashmir.
Raising the issue during Zero Hour, Rashid, also known as Engineer Rashid, an independent member from Baramulla claimed that two persons Wasim Ahmad Mir and Makhan Din were killed "allegedly by forces" and demanded a full investigation into the matter. "Hamara khoon sasta nahin hain (our blood is not cheap)," he said.
Rashid was granted custody parole by Delhi High Court on Monday allowing him to attend Parliament on February 11 and 13.
The Baramulla MP has been in Tihar Jail since 2019, accused of funding separatist and terror groups.
Rashid also demanded construction of a tunnel to access far-flung areas of Keran, Karnah and Machil in Kupwara which remain cut-off from the rest of the country for six months.
- 11 Feb 2025 9:32 AM GMT
Akhilesh Yadav slams government over traffic jam at Prayagraj
Samajwadi Party Chief Akhilesh Yadav slammed the government over the traffic jam in Prayagraj during the Maha Kumbh Mela while speaking in Lok Sabha. "This is the first time that people had to be stuck in a 300-km traffic jam. They had to call in two chief ministers to deal with the situation," he said.
- 11 Feb 2025 9:19 AM GMT
Akhilesh Yadav attacks Centre over PM Modi's US visit
Akhilesh Yadav, taking a dig at PM Modi over his US visit and referencing the deportation of illegal immigrants, said, “When you go to the United States the next time, take chains of gold with you. It might remind the US of the shackles. You should also ask some Indian women and children to accompany you back to India, so that they don’t have to come back in a US military plane.”
- 11 Feb 2025 9:18 AM GMT
Budget should strengthen weak, eliminate differences: SP MP Akhilesh Yadav
True progress is that which eliminates discrimination, and the budget should be a democratic one, says SP MP Akhilesh Yadav. The Budget should have a humanitarian aspect and be compassionate towards the weak, the objective of the Budget shouldn’t be to benefit some people but should be full of humanity, he says, adding that if it strengthens the weak, then it is a successful budget.
