Lok Sabha passes taxation bill, Rajya Sabha clears appropriation 2025-26
Business
Big moves in Parliament today: the Lok Sabha passed a major taxation bill updating several finance laws, while the Rajya Sabha cleared an appropriation bill to let the government spend extra funds for financial year 2025-26.
Tax bill reforms, appropriation secures funds
The taxation bill lines up India's tax rules with the new direct tax regime, makes compliance easier for eligible offshore investment funds, and extends tax breaks to electronics manufacturing, hoping to boost investment.
It also updates payment rules, which could mean new fees on high-value UPI transactions.
The appropriation bill ensures there's enough money for unexpected expenses for financial year 2025-26, keeping government spending on track.