Parliament to discuss Waqf bill report and introduce income tax bill today

New Delhi: The Waqf (Amendment) Bill will be a focal point in Thursday’s Lok Sabha proceedings, with the Joint Parliamentary Committee’s (JPC) report set to be presented by panel chairman Jagdambika Pal. The report, which was submitted to Lok Sabha Speaker Om Birla on January 30, includes a detailed record of evidences gathered during committee discussions.

Simultaneously, Finance Minister Nirmala Sitharaman will introduce the Income Tax Bill 2025, a significant legislation that will replace the existing Income Tax Act of 1961. The new Bill aims to simplify complex tax terminology, replacing terms like assessment year and previous year with the more intuitive tax year. The revised structure is expected to make tax compliance more transparent and accessible.

The proposed Income Tax Bill is anticipated to come into effect from April 1, 2026, providing taxpayers with a modernised legal framework for financial transactions. The Bill is part of a broader initiative to streamline the tax regime, improve ease of filing, and enhance clarity in tax laws.