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Parliament Budget Session: Key Highlights from Day 9


The Parliament Budget Session saw significant developments today, with Union Finance Minister Nirmala Sitharaman introducing the new Income Tax Bill in the Lok Sabha. This bill aims to replace the six-decade-old Income Tax Act and is expected to take effect from April 1, 2026.

New Income Tax Bill: A Simplification Exercise

Experts view the new I-T Bill as a major simplification effort, with key features including:

  • Concise language for better clarity
  • Removal of extra provisos and explanations
  • Expanded definition of income
  • Virtual digital assets categorized as property
  • Tabular format for provisions such as TDS, presumptive taxation rates, and assessment time limits

JPC Report on Waqf Bill Sparks Controversy

The Joint Parliamentary Committee’s report on the Waqf (Amendment) Bill was presented in the Rajya Sabha, leading to strong opposition. Leader of Opposition Mallikarjun Kharge claimed that dissent remarks had been deleted from the report, calling it anti-democratic and urging Vice President Jagdeep Dhankhar to reject it.

Opposition MPs staged a walkout in the Lok Sabha following the tabling of the report. The JPC panel, consisting of both BJP and opposition members, had adopted the report by a 15-11 majority vote. While BJP members argue that the bill promotes transparency and modern management of Waqf properties, the opposition considers it an infringement on the constitutional rights of the Muslim community and an overreach in Waqf board operations.

Other Key Developments in Parliament

  • Discussion on Union Budget Continues: The Rajya Sabha resumed discussions on the budget, with BJP MP Darshana Singh stating that the budget favors farmers, women, and the underprivileged.
  • Lok Sabha Adjourned Till March 10: Following a heated discussion, the Lok Sabha was adjourned until March 10.
  • Opposition Allegations on Censorship: TMC MP Saket Gokhale criticized the deletion of dissent notes from the JPC report, calling it censorship.
  • External Affairs Ministry on Nimisha Priya Case: CPIM MP John Brittas raised concerns over the death sentence of Nimisha Priya in Yemen. MoS External Affairs Kirti Vardhan Singh reassured that the government is providing all necessary support.
  • Kiren Rijiju Refutes Opposition Claims: The Parliamentary Affairs Minister dismissed opposition allegations, asserting that all MPs participated in drafting the report.

Looking Ahead

With major financial legislation on the table, including the new I-T Bill and the ongoing budget discussions, the coming days in Parliament will be crucial. As political tensions rise over the Waqf Bill, the government’s ability to navigate opposition pushback will shape the legislative landscape in the near future.


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