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New Income Tax Bill introduced in Lok Sabha; Sitharaman urges Speaker to refer it to select committee of House

As the Lok Sabha prepares to reconvene next month, all eyes will be on the discussions surrounding this transformative legislation, which promises to reshape India’s tax landscape for decades to come.

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Finance Minister Nirmala Sitharaman on Thursday, February 13, introduced the Income Tax Bill, 2025, in the Lok Sabha, marking a significant step toward overhauling the six-decade-old Income Tax Act of 1961. The proposed legislation aims to simplify tax terminology and streamline the tax framework, but its introduction faced objections from Opposition members.

While moving the Bill for introduction, Sitharaman urged Lok Sabha Speaker Om Birla to refer the Income Tax Bill, 2025, to a Select Committee for further scrutiny. Despite Opposition protests at the introduction stage, the House passed a motion by voice vote to proceed with the Bill. Following the introduction, the Lok Sabha was adjourned and is set to reconvene on March 10 for the second half of the Budget session.

The Income Tax Bill, 2025, seeks to modernize and simplify the tax system by replacing outdated terminologies such as “assessment year” and “previous year” with the more straightforward “tax year.”

This change is part of a broader effort to make tax laws more accessible and easier to understand for taxpayers. The Bill also aims to eliminate redundant provisos and explanations that have accumulated over the years, making the current Income Tax Act increasingly complex and cumbersome.

Under the existing Income Tax Act, 1961, income earned in the “previous year” (e.g., 2023-24) is taxed in the “assessment year” (e.g., 2024-25). The new Bill abolishes this dual-year concept, introducing a single “tax year” to simplify the process.

The proposed legislation comprises 536 sections, a significant increase from the 298 sections in the current Act. Additionally, the number of schedules will rise from 14 to 16, reflecting the expanded scope and detail of the new law.

Sitharaman emphasized the need for a comprehensive review of the tax framework, urging the Speaker to decide on the composition and rules of the proposed Select Committee. The committee’s role will be crucial in examining the Bill’s provisions and addressing concerns raised by stakeholders.

The introduction of the Income Tax Bill, 2025, represents a landmark effort to reform India’s tax system, aligning it with contemporary needs and reducing complexities. However, its passage through Parliament is expected to face further debate, particularly from Opposition parties, who have already signalled their reservations.

As the Lok Sabha prepares to reconvene next month, all eyes will be on the discussions surrounding this transformative legislation, which promises to reshape India’s tax landscape for decades to come.

India News

Asaduddin Owaisi criticises Bilawal Bhutto’s remarks amid Indus Waters Treaty row

Asaduddin Owaisi hits out at Bilawal Bhutto Zardari for his provocative “blood will flow” remark after India suspended the Indus Waters Treaty, highlighting the tragic consequences of terrorism.

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Pakistan Foreign Minister Bilawal Bhutto Zardari

AIMIM leader and Hyderabad MP Asaduddin Owaisi has strongly rebuked Pakistan People’s Party (PPP) leader Bilawal Bhutto Zardari over his controversial statement following India’s suspension of the Indus Waters Treaty. Owaisi reminded Bhutto of the tragic assassinations of his mother, former Pakistan Prime Minister Benazir Bhutto, and grandfather, former President Zulfikar Ali Bhutto.

Bilawal Bhutto, who was Pakistan’s Foreign Minister till 2023 and remains an influential figure in the ruling coalition, had issued a provocative warning after India’s decision, reportedly saying, “The Indus is ours and will remain ours – either our water will flow through it, or their blood.”

Responding to these remarks, Owaisi said Bhutto should reconsider his words, recalling how terrorism claimed the lives of his mother and grandfather. “Forget about such childish talk. His mother was killed by terrorists. He should not speak in this manner,” Owaisi said, stressing that terrorism must be condemned universally and not selectively.

Owaisi also criticised Pakistan’s leadership for threatening India with nuclear weapons, highlighting the brutality of recent terror attacks. “If you enter a country and kill innocents, no nation will remain silent,” he said. He compared extremist elements to the Khawarij and ISIS sympathisers, known for their radical ideologies.

The assassination of Benazir Bhutto in Rawalpindi in December 2007 has long been linked to extremist groups, though the case remains unresolved.

Bilawal Bhutto’s comments have sparked wide condemnation across India’s political spectrum. Union Minister Hardeep Singh Puri suggested that Bhutto should undergo a mental health evaluation, while Congress MP Shashi Tharoor labelled the remarks “inflammatory.” Tharoor warned that any aggression from Pakistan would be met with an appropriate response, asserting, “If blood is going to flow, it will possibly flow more on their side than ours.”

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India inks Rs 63,000 crore deal for 26 Rafale-M jets to strengthen naval fleet

India has signed a ₹63,000 crore deal with France to acquire 26 Rafale M fighter jets, strengthening the Navy’s capabilities aboard INS Vikrant and INS Vikramaditya.

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India has finalized a major ₹63,000 crore agreement with France for the acquisition of 26 Rafale M fighter jets, enhancing its maritime strength significantly. This government-to-government deal, signed on Monday, includes 22 single-seater and four twin-seater trainer variants, with delivery expected by 2031.

The deal not only covers the procurement of the jets but also includes comprehensive fleet maintenance, logistical support, and training for Navy personnel. In a notable boost to the ‘Atmanirbhar Bharat’ initiative, indigenous manufacturing of several components will be undertaken under offset obligations.

The Rafale M, currently operated only by the French Navy, is renowned for its superior capabilities among naval fighter jets globally. It features Safran Group’s reinforced landing gear, folding wings, and a robust undercarriage designed to endure the tough conditions of carrier-based operations.

The Indian Navy plans to deploy these new Rafale-M fighters aboard its aircraft carriers, INS Vikrant and INS Vikramaditya, replacing the ageing fleet of MiG-29K aircraft. This move is expected to significantly bolster India’s maritime defense capabilities, especially amid rising security challenges in the Indian Ocean region.

In December, Navy Chief Admiral Dinesh Tripathi emphasized a strategic shift to “negate” any infringement in India’s operational areas, highlighting the preparedness to counter threats from neighboring regions.

India’s Air Force, which already operates 36 Rafale ‘C’ variant jets from northern bases, will also benefit indirectly through upgrades to systems like the ‘buddy-buddy’ aerial refueling capability, allowing fighter jets to stay airborne for extended missions.

Looking ahead, the Navy is also progressing toward the induction of indigenous fifth-generation, twin-engine deck-based fighters, being developed by the Defence Research and Development Organisation (DRDO). These fighters will complement the Air Force’s upcoming Advanced Medium Combat Aircraft (AMCA), further strengthening India’s air and maritime security architecture.

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Omar Abdullah’s emotional address after Pahalgam attack highlights Kashmir’s unity against terror

Chief Minister Omar Abdullah delivered a heartfelt address in the J&K Assembly after the Pahalgam terror attack, praising local bravery and calling for national unity against terror.

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In the aftermath of the devastating terror attack in Pahalgam, Jammu and Kashmir Chief Minister Omar Abdullah delivered an emotional speech in the state Assembly, underscoring the collective grief and resilience of the nation. Reading out the names and states of all 26 victims, he said the entire country — from Arunachal Pradesh to Gujarat, and Kashmir to Kerala — has been touched by this tragedy.

The National Conference leader asserted that the Valley stood united against terrorism, calling the event a potential “beginning of the end” of such violence in the region. Abdullah acknowledged the bravery of the local people, many of whom rushed to assist the injured tourists during the attack.

Opposition and ruling parties join hands in rare solidarity

In a remarkable moment of unity, Opposition leaders, including BJP’s Sunil Sharma, praised Omar Abdullah’s swift and composed response. An all-party meeting was convened, and a special Assembly session was organized, reflecting a bipartisan resolve against terror.

The Chief Minister expressed deep sorrow over the inability to protect the tourists, stating that though security is not under the elected government’s control, as the host and tourism minister, the responsibility ultimately lay with him. “I had no words to apologise to the victims’ families,” Abdullah said, recounting heartbreaking stories of survivors, including a newly-widowed Navy officer’s wife.

Strong condemnation of terrorists and call for public trust

Omar Abdullah sharply criticised the terrorists, questioning their claim of acting on behalf of the people of Kashmir. “None of us is with this attack,” he declared, emphasizing the collective rejection of violence by Kashmiris.

Highlighting an unprecedented reaction, he noted that from Kathua to Kupwara, people spontaneously protested against the attack, sending a strong “Not in my name” message. This, he said, is a beacon of hope and a vital sign that lasting peace can be achieved if public trust remains strong.

Tribute to local heroes and calls for cautious optimism

Paying tribute to Syed Adil Hussain Shah, a pony ride operator who sacrificed his life protecting tourists, Abdullah hailed the courage shown by many locals. From offering free food to providing transport and shelter, countless Kashmiris extended their support to the victims without expecting anything in return.

While acknowledging that some Kashmiri students faced problems in other parts of the country following the attack, Abdullah also expressed gratitude towards state governments that managed to control tensions effectively.

With his heartfelt address, Omar Abdullah called for cautious optimism, urging the administration to act wisely and foster the people’s spontaneous solidarity into a sustained movement against militancy.

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