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Time of India
36 minutes ago
- Time of India
In opposing land-pooling policy, Punjab BJP took the opportunity to mend fences with farmers
1 2 Chandigarh: Having faced massive backlash over the three controversial farm laws, which were eventually repealed by the BJP-led central govt, the Punjab BJP leadership saw an opportunity in the controversial land pooling policy of the AAP-led govt in Punjab to mend fences with farmers by opposing the policy tooth and nail. The anger against the BJP leaders over the three farm laws could be gauged from the fact that alleged activists of farm unions protested by chasing and tearing the clothes of then BJP MLA from Abohar, Arun Narang, in Malout town of Muktsar district in March 2021, around eight months before the Centre announced the repeal of the farm laws. In October 2020, the vehicle of Punjab BJP working president Ashwani Sharma (who was Punjab BJP chief at that time) was attacked at a toll plaza in Hoshiarpur, where farmers were holding a protest. The anger against the BJP did not subside even after the laws were repealed, and BJP candidates in the 2024 Lok Sabha polls continued to face protests, particularly in rural areas. The party failed to win a single seat in the 2024 Lok Sabha polls, and at the receiving end in rural areas were its candidates, such as famous singer Hans Raj Hans, (now a union minister of state) Ravneet Singh Bittu, and former IAS officer Parampal Kaur Sidhu, among others. It was no surprise then that the BJP saw the controversy over the land pooling policy as a platform to strike a chord with the farmers by opposing it tooth and nail, and an opportunity to find its feet in rural Punjab ahead of the 2027 assembly elections. After its over two-decades long alliance with the SAD broke over the farm laws in 2020, the BJP, predominantly a party with support base from urban areas, has been eyeing to make inroads into the rural areas as well. On August 6, the Punjab Bharatiya Janata Party (BJP) announced a state-wide yatra, "Save Land, Save Farmers," from August 17 to September 5 against the policy, under the leadership of its working president Ashwani Sharma. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
2 hours ago
- Time of India
Lok Sabha approves updated I-T bill, to ease compliance burden
Lok Sabha NEW DELHI: Lok Sabha on Monday approved the Income Tax Bill 2025 - a key reform aimed at revamping the decades old income tax law for individuals and companies, making it simple for taxpayers and easing the compliance burden. Earlier, FM Nirmala Sitharaman introduced the revised and updated version of the I-T bill in Parliament, incorporating recommendations of the Select committee of Parliament. On Aug 8, FM had withdrawn the earlier bill, which was introduced in the house on Feb 13. The Select committee of the Lok Sabha headed by BJP's Baijayant Panda had examined the I-T Bill 2025 and adopted the report on the draft legislation last month. The parliamentary panel had suggested 285 recommendations on the draft legislation, aimed at simplifying and modernising the country's tax laws. "Almost all of the recommendations of the Select Committee have been accepted by govt. In addition, suggestions have been received from stakeholders about changes that would convey the proposed legal meaning more accurately," according to the statement of Objects and Reasons of the Income Tax (No.2) Bill. " For TDS correction statements, the time period for filing statements has been reduced to two years from six years in the Income-tax Act, 1961. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like listen now on spotify samy Listen Now Undo I-T department sources said this is expected to reduce the grievances of deductees significantly. Flexibility has been provided in the new I-T bill for allowing refund claims in cases where the return is not filed on time, a move which is expected to come as a major relief for taxpayers. Tax experts said the reforms are expected to ease compliance for individuals, companies, MSMEs and promote a stable, predictable and transparent tax system, key for sustaining domestic consumption, attracting foreign investment and supporting growth. "The withdrawal of the earlier I-T bill and the introduction of a revised version demonstrates govt's responsiveness to stakeholder feedback and the Select Parliamentary committee's recommendations," said Gouri Puri, partner, Shardul Amarchand Mangaldas and Co. Puri said the original draft raised concerns about ambiguities, particularly regarding house property taxation, pension deductions, and the refund process for delayed filings. "The revised bill addresses these gaps to simplify interpretation, reduce disputes and promote fairness," said Puri. The new I-T Bill also aims to eliminate redundant and repetitive provisions for better navigation, reorganising sections logically to facilitate case of reference. It has opted for simplified language to make the law more accessible and has removed obsolete and redundant provisions for greater clarity. Mandatory investment and deposit of deemed accumulated income of 15% of regular income in specified modes has been done away with. The word "profession" has been added after "business" in clause 187 to enable professionals with total receipts exceeding Rs 50 crore in a year the facility of prescribed electronic modes of payment. Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Economic Times
3 hours ago
- Economic Times
New Income Tax Bill gets Lok Sabha nod
The Lok Sabha on Monday gave its nod to the new income tax bill, which does away with alternate minimum tax on limited liability partnership (LLP) firms and allows refund claims even if taxpayers do not file returns within the due date. ADVERTISEMENT The Income Tax (NO.2) Bill, which will replace the Income Tax Act, 1961 from the next financial year, was introduced by Union finance minister Nirmala Sitharaman and passed in the Lok Sabha amid din without a debate. It will now go to Rajya Sabha for its approval. The bill cuts down wordage and chapters by almost half and presents the clauses in simpler and easier to understand language. It does away with the confusing concepts of assessment year and previous year, replacing them with "tax year". The original Income Tax Bill, 2025, which was introduced in February, was withdrawn by the minister on Friday and the new bill incorporating "almost all recommendations" of the select committee, headed by parliamentarian Baijayant Panda, which had scrutinised the original bill, was bill has maintained status quo on loss carry forward provisions, exempted non-profit organisations from taxing anonymous donations received by purely religious trusts and tweaked the definition of MSMEs (micro, small and medium enterprises) in alignment with the MSME Act, which were part of the recommendations of the panel. ADVERTISEMENT It has also reintroduced deductions in respect of certain inter-corporate dividends for companies opting for concessional rate of taxes in line with the provisions of the existing Income-tax Act, 1961 and nil tax collected at source on Liberalised Remittance Scheme remittances for education purposes financed by any financial bill has added the term 'profession' alongside 'business' under electronic payment rules, which means professionals with income of more than ₹50 crore annually must use prescribed electronic modes of payment. ADVERTISEMENT The bill has also clearly defined deductions for commuted pension and gratuity received by family said some of the pain points have been removed. ADVERTISEMENT "The revised Income-tax Bill, 2025 demonstrates the government's receptiveness to parliamentary recommendations, incorporating targeted amendments to enhance clarity, ease of compliance and consistency with existing legislation," said Sandeep Jhunjhunwala, partner, Nangia Andersen LLP. "To give a few examples, the provisions of levying alternate minimum tax on LLPs has been done away with, the rigours placed on charitable trust have been removed, the provisions of transfer pricing and the definition of 'associated enterprise' to whom these provisions apply, have been relaxed," said Dinesh Kanabar, CEO, Dhruva Advisors. (You can now subscribe to our Economic Times WhatsApp channel)
