No permission to protest: Police says will take 30 MPs to ECs office
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Economic Times
7 minutes 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 The original Income Tax Bill, 2025, which was introduced in February, was withdrawn by the minister on Friday and the new bill incorporating "almost all recommendations" of the select committee, headed by parliamentarian Baijayant Panda, which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)
NDTV
13 minutes ago
- NDTV
Mallikarjun Kharge Hosts Dinner For INDIA bloc MPs In Delhi
New Delhi: Congress president Mallikarjun Kharge hosted a dinner for the INDIA bloc MPs on Monday that was attended by the likes of Sharad Pawar, Sonia Gandhi and Rahul Gandhi, amid the opposition's concerted bid to close ranks against the electoral rolls revision in Bihar and alleged poll rigging. Samajwadi Party's Akhilesh Yadav, Dimple Yadav and Jaya Bachchan, DMK's K Kanimozhi and TR Baalu, RJD's Misa Bharti, Shiv Sena (UBT)'s Sanjay Raut and Priyanka Chaturvedi, Congress' Priyanka Gandhi Vadra were among several opposition MPs who attended the dinner at the Hotel Taj Palace here. While mostly INDIA bloc MPs were at the dinner, Sanjay Singh and Sandeep Pathak of the AAP, which is not part of the grouping, also attended. The dinner comes just days after top INDIA bloc leaders, in a show of unity, had a dinner meeting at the residence of Congress leader Rahul Gandhi where they vowed to fight against the Special Intensive Revision (SIR) of electoral rolls in Bihar as well as what they described as the "vote chori model of the BJP and Election Commission". That was the first physical meeting of top leaders of the opposition bloc since they last met in June 2024 at Kharge's residence, soon after the Lok Sabha elections. During that meeting, Rahul Gandhi had given a presentation on the "vote chori model" being allegedly perpetrated by the BJP through the Election Commission. Earlier on Monday, opposition MPs, including Rahul Gandhi, Kharge and Pawar, took out a protest march from the Parliament House to the Election Commission office against the revision of electoral rolls in Bihar and alleged "vote chori", but were stopped midway by the police and briefly detained amid high drama. As opposition MPs, wearing white caps with a red cross on the words 'SIR' and "vote chori", started walking from Parliament's Makar Dwar to the EC office, carrying placards and banners, they were stopped by the police by putting up barricades outside the PTI Building. Many of the MPs sat on the road and raised slogans while some women parliamentarians climbed the barricades. They were later whisked away by police in buses lined up along the road and taken to the Parliament Street Police Station. All the MPs were later released. "This fight is not political, but it is aimed at saving the Constitution. This fight is for 'one man, one vote' and we want a clean, pure voter list," Rahul Gandhi said as he was being taken away in a bus after being detained. "They cannot talk as the truth is before the entire nation." After being released from police detention, he said, "This has not just happened in Bengaluru, but in different constituencies across the country. The Election Commission knows this; it knows that this data will explode. We will bring out in the open what it is trying to control and hide, and it will explode. The EC knows this." Gandhi on Thursday cited data from the 2024 Lok Sabha polls to claim that over 1 lakh votes were "stolen" in the Mahadevapura assembly segment in Karnataka through five types of manipulation, including duplicate voters, fake and invalid addresses, and single-address voters. The opposition is already up in arms over SIR in Bihar and has been protesting in both Houses of Parliament against it, alleging that the EC's exercise is aimed at "disenfranchising voters" in the state ahead of the assembly elections due later this year. Their demand for a discussion on SIR in both houses has been rejected, with the government contending that no discussion on the functioning of a constitutional body can be taken up in Parliament.
NDTV
15 minutes ago
- NDTV
Congress's Vote Theft Claim "Factually Incorrect": Poll Body
New Delhi: The Election Commission on Monday described as "factually incorrect" the claims of "vote theft" made by the Congress and its leader Rahul Gandhi during a protest march here. The top poll body issued a "factcheck" on the claims made by the opposition INDIA bloc, which also led earlier in the day led a protest march against the revision of electoral rolls in Bihar. #ECIFactCheck ✅ Details in image below Reference links 👇: Link_1 Link_2 Link_3 Link_4 Link_5 Link_6 Link_7 — Election Commission of India (@ECISVEEP) August 11, 2025 The EC shared a list of documents in support of its claims of transparency in the Special Intensive Revision (SIR) of electoral rolls in Bihar. The evidence included video testimonials of representatives of political parties such as RJD, Congress, and CPI. The poll authority also shared details of its meetings with representatives of political parties before, on and after publication of draft electoral rolls in Bihar, contending that it was committed to the highest degree of transparency at the field level while conducting the SIR exercise. "Pure Electoral Rolls strengthen democracy," said the EC, which also shared a link to the daily bulletin issued by it since the publication of the draft electoral rolls.
