New Income Tax Bill Passed Amid Opposition Walkout
The Indian Parliament passed the new Income Tax Bill, with Finance Minister Nirmala Sitharaman highlighting its necessity due to outdated provisions in the 1961 Act. Despite the Opposition's planned debate, disagreements led to their walkout during the bill's discussion. The bill now awaits implementation.
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The Indian Parliament has passed the new Income Tax Bill, following a session in which Finance Minister Nirmala Sitharaman presented the legislation. Facing objections from the Opposition, the Rajya Sabha returned the bill to the Lok Sabha through a voice vote on Tuesday.
Sitharaman emphasized the need for the legislation, arguing that many aspects of the previous Income Tax Act of 1961 are now obsolete. She assured that the new bill would simplify the language of the tax code without introducing new tax rates.
Despite agreeing to participate in a 16-hour debate, Opposition parties staged a walkout in the Rajya Sabha, echoing their protest in the Lok Sabha. Sitharaman expressed disappointment and gratitude to the Select Committee for their extensive input on the draft, which took 75,000 person hours to create.
(With inputs from agencies.)
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