Lok Sabha has been adjourned till March 10.

The simplified Income Tax Bill 2025, brings in the concept of 'tax year', abolishing the archaic and complicated terms 'previous' and 'assessment years'.

The Bill comprises 536 sections, 23 chapters and 16 schedules in just 622 pages. The new law is expected to come into effect from April 1, 2026.

The new bill has omitted redundant sections, like those relating to Fringe Benefit Tax. The Bill is free from 'explanations or provisos', thereby making it easier to read and comprehend.

Also, the word 'notwithstanding', which was used excessively in the Income Tax Act, 1961, has been done away with in the new Bill and almost everywhere replaced with the term 'irrespective'.

The Bill uses shorter sentences and has been made reader friendly with the use of tables and formulae. The 'Taxpayer's Charter' has been included in the Bill which outlines the rights and obligations of the taxpayers.

Union Minister Nirmala Sitharaman tables New Income Tax Bill in Lok Sabha. The lower House resumed proceedings at 2pm.

BJP Minister and Chairman of the Joint Parliamentary Committee on the Waqf (Amendment) Bill, Jagadambika Pal tables the parliamentary report on the Waqf (Amendment) Bill, 2024 in the Lok Sabha.

The opposition walks out of the Lok Sabha.

Many members of Parliament met the Lok Sabha speaker Om Birla after which they were assured that as many dissent notes as possible have been included in the Joint Parliamentary Committee (JPC) Report on Waqf (Amendment) Bill, 2024.

Speaking to NDTV, AIMIM Chief Asaduddin Owaisi said, "We told the speaker that many parts of our dissent note have not been included in the report. The Speaker called the Secretary General after which we had a meeting with the Joint Secretary. We have been assured that as many dissent notes as possible given by the opposition MPs will be included in the reportNow let's see whether our point is prominently included in the report presented in the Lok Sabha at 2 pm or not."

The Joint Parliamentary Committee (JPC) Report on Waqf Bill will be tabled in the Lok Sabha at 2 PM.

Leader of the House JP Nadda hit back at the opposition amid chaos over Parliamentary report. Mr Nadda slammed opposition's conduct. "Debates and discussions are necessary in Parliament. In a democracy, we agree to disagree. But we must uphold traditions and conduct proceedings in a constitutional manner," he asserted.

Expressing disappointment, he added, "Despite repeated requests from the Chair, the Opposition disrupted the House even during the President's message. This behaviour is highly irresponsible and deserves strong condemnation."

Leader of Opposition in the Rajya Sabha, Mallikarjun Kharge, called the Parliamentary report on the Waqf (Amendment) Bill "unconstitutional" and "fake." He claimed that multiple members had submitted dissent notes, but the majority view was forced through without due consideration.

"The JPC report on Waqf had dissenting views from several members, but they were bulldozed. This is not right. It is condemnable and an anti-democratic act," Mr Kharge said.

"The dissenting views were deleted, and the report is being tabled. I condemn this, and the House will never accept this fake report," he added.

Congress President called to withdraw the report and review it again.

Congress minister Gaurav Gogoi said instead of focusing on the already available Waqf Act, an attempt is being made to bring a politically motivated amendment. He asserted that several members of parliament have expressed their dissent in the Joint Parliamentary Committee (JPC) report, highlighting the constitutional negligence caused by this bill.

"Currently, there is an act that manages Waqf properties, and instead of focusing on how the government can better implement this act, an attempt has been made to bring a politically motivated amendment," he said while speaking to the news agency ANI.

"When the Bill will be discussed in the Parliament, it will become clear how the government brought this bill without any preparation," Gogoi added.

Union Parliamentary Affairs Minister Kiren Rijiju tagged opposition's claims of dissent notes being deleted as "baseless". He said no opposition notes have been deleted.

"Some of the concerns raised by the Opposition were verified, and I found that no section of the report was removed. Everything has been tabled before the House. On what basis are these allegations being made? Do not mislead the issue," Mr Rijiju said.

"This is unconventional that before tabling the Joint Parliamentary Committee (JPC) report in the Lok Sabha, they tabled in Rajya Sabha," said TMC Minister and Rajya Sabha member Dola Sen. "Dissent notes were censored in the JPC report," she added.

Rajya Sabha adjourned till 11:20 am amid uproar by opposition after tabling of joint committee of Parliament report on Waqf bill.

The report was tabled by BJP member Medha Vishram Kulkarni, a member of the panel.

The Joint Parliamentary Committee report tabled in the Rajya Sabha.

Lok Sabha has been adjourned till 2 pm.

BJP Minister and Chairman of the Joint Parliamentary Committee (JPC) on the Waqf (Amendment) Bill, Jagadambika Pal said on Thursday that the JPC will present its report in Parliament today, after six months of nationwide consultations.

"Today the JPC will produce its report in the Parliament. To have a detailed discussion and deliberation, the JPC was formed six months ago. In the last six months, we have prepared a report after touring the whole nation. We have adopted 25 amendments in 14 clauses," he said.

The Bill comprises 536 sections, 23 chapters and 16 schedules in just 622 pages. It does not bring in any new taxes, but only simplifies the language of the existing Income Tax Act, 1961.

The six-decade old legislation has 298 sections and 14 schedules. It had 880 pages when the Act was introduced.

The Income Tax Bill 2025, a document of 622 pages comprising 536 sections and 23 chapters, is anticipated to be introduced in the Lok Sabha on Thursday, February 13, 2025.

Once enacted, the proposed bill will replace the six-decade-old Income Tax Act of 1961, which has become increasingly complex and cumbersome due to numerous amendments.

One of the key changes in the new law is replacing the term "previous year" in the Income Tax Act, 1961, with "tax year." Additionally, the concept of an "assessment year" has been eliminated. Currently, tax for income earned in the previous year (e.g., 2023-24) is paid in the assessment year (e.g., 2024-25). The new bill simplifies this structure by introducing a single "tax year."

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On Lok Sabha's agenda today are: