New Delhi: In a significant development during the Parliament's Budget Session, Finance Minister Nirmala Sitharaman introduced the much-awaited new Income Tax Bill in the Lok Sabha. Designed to replace the six-decade-old Income Tax Act, the new legislation is expected to come into effect on April 1, 2026.

Experts have called this Bill a simplification exercise, with no major structural changes but several notable updates. The Bill aims to use crisp language, eliminate extra provisos and explanations, and expand the definition of income. Virtual digital assets, such as cryptocurrencies, have been included as property to be treated as capital assets for taxation purposes. Key provisions, such as TDS rates, presumptive taxation, and assessment timelines, have been streamlined and presented in tabular formats to enhance clarity.

Meanwhile, the Waqf (Amendment) Bill report, tabled in the Rajya Sabha, led to a heated exchange between the ruling BJP and the Opposition. Leader of Opposition Mallikarjun Kharge accused the Joint Parliamentary Committee (JPC) of deleting dissenting remarks from the report, calling it “anti-democratic and condemnable.” Kharge urged Vice President and Rajya Sabha Chairman Jagdeep Dhankar to reject the report and send it back for revisions.

The report, adopted by a 15-11 majority vote, emphasizes modernity, transparency, and accountability in managing Waqf properties, according to BJP MPs. However, the Opposition has termed the Bill an attack on constitutional rights and interference in Waqf board autonomy. The allegations prompted a walkout by Opposition MPs as the report was laid in the Lok Sabha.

The session showcased growing friction between the government and Opposition over key legislative priorities, with both Bills set to have significant implications for governance and society.