New Income Tax Bill Introduced by Nirmala Sitharaman; Opposition Stages Walkout

New Delhi: Union Finance Minister Nirmala Sitharaman introduced a new Income Tax Bill in Parliament today, aiming to revamp the existing tax structure and introduce reforms for greater transparency and efficiency. However, the session quickly turned chaotic as the Opposition staged a walkout, protesting against certain provisions in the bill.

Key Highlights of the Income Tax Bill

The newly proposed bill seeks to simplify the tax system, reduce loopholes, and bring more taxpayers into the formal system. Key features include revised tax slabs, increased penalties for tax evasion, and incentives for digital transactions. Additionally, the bill proposes stricter measures to curb black money and streamline tax compliance processes. Sitharaman, while presenting the bill, emphasized that these changes would promote ease of doing business and ensure economic stability.

“The new tax bill is a step towards a more efficient and fair taxation system. It will benefit honest taxpayers and contribute to India’s growth story,” said Sitharaman during her speech in Parliament.

Opposition’s Walkout and Reactions

Despite the government’s assurances, the Opposition expressed strong reservations about certain aspects of the bill. Leaders from major opposition parties alleged that the reforms favor large corporations while placing additional burdens on the middle class.

Congress leader Mallikarjun Kharge accused the government of failing to address rising inflation and unemployment. “This bill does not provide relief to the common man. Instead, it increases their struggles. We demand proper discussions before implementing such changes,” he said. Following heated exchanges, Opposition members staged a walkout in protest, chanting slogans against the government’s economic policies.

Government’s Response

In response to the Opposition’s concerns, Sitharaman assured that discussions would be held before finalizing the bill. She also dismissed allegations of bias, stating that the tax reforms were designed to ensure long-term benefits for all economic classes.

The bill is expected to undergo further deliberations in the coming days, with multiple rounds of discussions between ruling and opposition members. Experts believe that while the bill has the potential to enhance tax efficiency, its impact on taxpayers will depend on the final amendments made during parliamentary debates.

With the budget session in full swing, the introduction of this bill marks another significant economic move by the government, setting the stage for intense political and financial debates in the coming weeks.