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The Income Tax Bill, 2025, seeks to modernize and simplify the tax system by replacing outdated terminologies such as “assessment year” and “previous year” with the more straightforward “tax year.”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

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CID searches Mamata Banerjee’s residence-cum-office in signature forgery investigation

The West Bengal CID carried out a search at Mamata Banerjee’s Kalighat residence-cum-office in Kolkata as part of an ongoing probe into allegations that signatures of Trinamool Congress MLAs were forged on a document submitted to the Assembly Speaker.

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Mamata Banerjee

The West Bengal Crime Investigation Department (CID) on Tuesday carried out a search at the Kalighat residence-cum-office of Trinamool Congress chief Mamata Banerjee as part of its investigation into an alleged signature forgery case that has triggered a major political controversy in the state.

The probe relates to allegations that signatures of several Trinamool Congress MLAs were forged on a communication submitted to the Assembly Speaker regarding the selection of senior party leader Sobhandeb Chattopadhyay as the Leader of Opposition.

According to the complaint, two party MLAs, Ritabrata Banerjee and Sandipan Saha, informed the Speaker that no resolution had been adopted at a May 6 meeting as claimed in the official communication. They further alleged that signatures were added later and questioned the authenticity of several entries on the document.

The CID team, accompanied by police personnel, arrived at the premises located at 30B Harish Chatterjee Street in Kolkata. The location serves as both Mamata Banerjee’s residence and an important party office. Investigators reportedly conducted the search after seeking information connected to the collection of signatures under scrutiny.

The development comes amid an intensifying investigation that has already seen multiple notices issued to Trinamool Congress national general secretary Abhishek Banerjee. Searches were also conducted at locations linked to him as investigators sought to verify details regarding the process through which the signatures were collected.

The signature forgery controversy has added to the political challenges facing the Trinamool Congress, with the issue exposing internal divisions within the party following its recent electoral setback in West Bengal.

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Government reduces subsidised LPG cylinder quota for Ujjwala beneficiaries to four annually

The government has reduced the annual quota of subsidised LPG cylinders for Ujjwala beneficiaries from nine to four, while retaining the Rs 300 subsidy per eligible refill.

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LPG Cylinder

The Centre has reduced the number of subsidised cooking gas cylinders available each year to beneficiaries of the Pradhan Mantri Ujjwala Yojana (PMUY), bringing the entitlement down to four cylinders annually from the previous limit of nine. The decision was announced by a senior government official, who said the revised quota reflects the average LPG consumption pattern among beneficiaries.

PMUY, launched in 2016, provides LPG connections to women from economically weaker households to encourage the use of cleaner cooking fuel. At the time of its launch, beneficiaries were eligible for up to 12 subsidised 14.2-kg LPG cylinders every year. The quota was reduced to nine cylinders last year and has now been lowered further to four.

Government cites consumption patterns

Speaking at a media briefing, Petroleum Ministry Additional Secretary Praveen Mal Khanooja said the revised entitlement broadly corresponds to the average annual LPG usage recorded among Ujjwala households.

The government continues to provide a subsidy of Rs 300 per 14.2-kg cylinder to eligible PMUY consumers. The subsidy amount is transferred directly to beneficiaries’ bank accounts after the purchase of a refill. The assistance was first introduced at Rs 200 per cylinder in May 2022 and was increased to Rs 300 in October 2023.

LPG prices rise

The policy change comes shortly after a rise in domestic LPG prices. A 14.2-kg household LPG cylinder became costlier by Rs 29 earlier this month, taking the retail price in Delhi to Rs 942. For PMUY beneficiaries, the effective cost after the Rs 300 subsidy is Rs 642 per cylinder.

Government officials have also pointed to increasing financial pressure on oil marketing companies, which are reportedly facing substantial losses on domestic LPG sales despite the recent price increase.

Impact on beneficiaries

With the latest revision, PMUY beneficiaries will receive subsidy support on only the first four LPG refills purchased during a year. The government maintains that the revised limit is sufficient to meet the average consumption needs of beneficiary households, though the decision is expected to affect millions of families enrolled under the scheme.

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K Kavitha attacks Revanth Reddy government, seeks action over land linked to Pawan Kalyan

K Kavitha has intensified her criticism of the Telangana government, alleging selective action in land matters and demanding scrutiny of land allegedly owned by Andhra Pradesh Deputy Chief Minister Pawan Kalyan.

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K Kavitha

Former MP and Telangana Rakshana Sena chief K Kavitha has accused the Telangana government of adopting a selective approach in dealing with land-related issues and demanded action regarding a parcel of land allegedly owned by Pawan Kalyan.

Addressing reporters in Hyderabad, Kavitha questioned the administration led by A Revanth Reddy and alleged that authorities were not acting uniformly in cases involving land that falls within protected water body limits.

Kavitha alleges land falls within protected limits

Kavitha claimed that around 10 acres of land associated with Pawan Kalyan is located in the Kodikunta lake area and falls under Shikam land and Full Tank Level (FTL) limits. According to her, official revenue records identify the land as protected lake property, and therefore authorities should examine the matter and take appropriate action.

She argued that if action is taken against certain properties for alleged violations involving lakes and water bodies, similar standards should be applied in all cases without exception.

Criticism of the Telangana government

During the interaction, Kavitha also criticised the Telangana government and alleged that large-scale irregularities had taken place in matters related to public land. She accused the administration of failing to address several issues while selectively targeting others.

The remarks come amid an ongoing political confrontation involving opposition leaders and the Congress-led government in Telangana, with land-related controversies becoming a key point of political debate.

No immediate response reported

There was no immediate public response reported from Pawan Kalyan or the Telangana government regarding Kavitha’s latest allegations at the time of reporting. The claims made by Kavitha have also not been independently verified by authorities.

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