Income Tax Bill 2025 Tabled in Lok Sabha; Opposition Stages Walkout
The Income Tax Bill 2025 was introduced in the Lok Sabha on February 13, sparking immediate protests from Opposition MPs, who staged a walkout in response. The bill, which aims to revamp India’s tax structure, has drawn mixed reactions from political leaders and economic experts.
Key Provisions of the Income Tax Bill 2025
Revised Tax Slabs: The bill proposes changes in income tax brackets, aiming to simplify tax calculations for individuals and businesses.
New Compliance Measures: Strengthening tax compliance by introducing digital tracking of high-value transactions.
Corporate Tax Adjustments: Potential modifications in corporate tax rates to promote economic growth and foreign investment.
Incentives for Startups: Additional tax exemptions and benefits for startups and MSMEs.
Opposition’s Objections
Opposition parties strongly criticized the bill, alleging that it disproportionately favors corporate entities while placing a heavier tax burden on the middle class and salaried individuals. They also raised concerns over lack of transparency in policy decisions and insufficient consultation with stakeholders.
Government’s Justification
The ruling party defended the bill, stating that the proposed tax reforms would boost economic growth, enhance tax collection efficiency, and attract foreign investment. The Finance Minister assured that further deliberations would be held to address concerns.
What’s Next?
The bill is now set for further debate in Parliament. With political tensions rising, its approval or amendment will depend on negotiations between the government and opposition leaders. If passed, the Income Tax Bill 2025 could mark a significant shift in India’s taxation system.
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