Lok Sabha Passes Critical Taxation Bills Amid Opposition Protests

The Lok Sabha passed two significant taxation bills: the Income-Tax (No 2) Bill, and the Taxation Laws (Amendment) Bill amidst opposition protests. These bills, introduced by Finance Minister Nirmala Sitharaman, include major amendments to improve the Income Tax Act, 1961, and provide tax exemptions under the Unified Pension Scheme.

The Lok Sabha, despite fervent protests from the opposition, on Monday successfully passed two pivotal taxation bills: the Income-Tax (No 2) Bill and the Taxation Laws (Amendment) Bill.

These bills promise to bring significant changes to the taxation landscape, including the consolidation and amendments to the Income Tax Act of 1961, as well as introducing tax exemptions aimed at enhancing the Unified Pension Scheme, as framed by Finance Minister Nirmala Sitharaman.

Notably, these legislative developments bypassed debate due to the ongoing outcry over electoral revisions in Bihar, culminating in an adjournment of the lower house post their passage by voice vote.

(With inputs from agencies.)