Goa, Aug. 11 -- The Lok Sabha on Monday passed the Income Tax (No 2) Bill - a major overhaul set to replace the 1961 Income Tax Act - without opposition debate. INDIA bloc MPs continued protests over voter list revisions in Bihar during the session.

Finance Minister Nirmala Sitharaman first presented the bill in February, describing its guiding principles with the acronym S.I.M.P.L.E:

A Select Committee led by BJP MP Baijayant Panda reviewed the draft and made 285 recommendations, most of which were accepted. The bill will take effect from April 1, 2026.

Published by HT Digital Content Services with permission from Herald Goa....