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New Income Tax Bill will be passed in Monsoon Session, Modi Government is preparing to bring 8 big bills

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The monsoon session of Parliament will begin on July 21 and will continue till August 21. There will be a total of 21 meetings during this period. It is believed that this time too there can be a situation of confrontation between the ruling party and the opposition during the session. There is a preparation to bring 8 important bills in this session. The opposition can demand a discussion on the Pahalgam terrorist attack and the subsequent military operation ‘Operation Sindoor’ launched by India. Apart from this, the controversy related to former Delhi High Court judge Justice Yashwant Verma can also resonate in the House.

The Modi government will try to get the new Income Tax Bill passed in this session. This bill was introduced in the last session and then sent to the Joint Parliamentary Committee. On behalf of the government, the Finance Minister told the Parliament in February that the new bill will remove the complexities of the Income Tax Act of 1961 and make it easier for the common people to understand. If this bill is passed in this session, then this law will come into effect from April 1, 2026.

The rules for depositing tax will change
The proposed changes include the new concept of ‘tax year’, which will replace the currently prevalent system of ‘financial year’ (FY) and ‘accounting year’ (AY). For example, under the current rules, tax on income earned in the year 2023-24 is paid in the year 2024-25, but under the new rules, tax will have to be paid in the same year in which the income is generated.

Apart from this, the bill also proposes to remove old and irrelevant provisions, such as parts related to ‘fringe benefit tax’. The Income Tax Act was originally enacted in 1961 and came into force in 1962. Now it has become very complex after so many amendments. The new bill is a step towards making it simple and effective.

Government will introduce National Anti-Doping Amendment Bill
Other bills that will be introduced in this session include National Sports Governance Bill, National Anti-Doping Amendment Bill and Mines and Minerals Amendment Bill. Apart from this, efforts will also be made to pass eight other pending bills, including the ‘Indian Ports Bill’. Let us tell you that this session will last for about a month.