Monsoon session bill: The monsoon session of Parliament will start from July 21, which will run till August 21. During this time there will be 21 total meetings. It is believed that during the session this time too, there can be a situation of confrontation between the ruling party and the opposition. There is a preparation to bring 8 important bills in this session. On behalf of the opposition, a discussion can be sought to discuss the Pahalgam terrorist attack and then the military campaign ‘Operation Sindoor’ conducted by India. Apart from this, a dispute related to former Delhi High Court judge Justice Yashwant Verma can also resonate in the House.
The Modi government will try to pass the new Income Tax Bill (Income Tax Bill) in this session. The bill was introduced in the previous session and then sent to the Joint Parliamentary Committee. On behalf of the government, the Finance Minister had told in Parliament in February that the new bill will remove the complexities of the Income Tax Act of 1961 and make it easy for the common people. If this bill is passed in this session, then this law will be effective from 1 April 2026.
Rules for depositing tax will change
The proposed changes include the new concept of ‘Tax Year’ (Tax Year), which will replace the system of the currently prevalent ‘FY’ (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 rule, the year in which income will be done, tax will have to be paid.
Apart from this, there is also a proposal to remove the parts related to old and irrelevant provisions, such as ‘fringe benefit tax’ in the bill. The Income Tax Act was originally enacted in 1961 and came into force in 1962. Now it has become very complicated after so many amendments. The new bill is a step towards making it simple and effective.
Government will bring National Anti-Doping Amendment Bill
Other bills which will be introduced in this session include the National Sports Governance Bill, National Anti-Doping Amendment Bill and Mine and Minerals (Minerals and Mines) Amendment Bill. Apart from this, efforts will also be made to pass eight other pending bills, including the ‘Indian Ports Bill’ (Indian Port Bill). Please tell that this session will last for about a month.
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