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A meeting of the Select Committee of the Lok Sabha is currently underway at the Parliament House Annexe in New Delhi. This 31-member committee , chaired by BJP MP Baijayant Panda , has been tasked with reviewing the Income Tax Bill 2025 , which proposes major reforms in tax laws, definitions, and compliance frameworks . Objective of the Income Tax Bill 2025 The Income Tax Bill 2025 , introduced in Lok Sabha on February 13, 2025 , by Finance Minister Nirmala Sitharaman , aims to replace the existing Income Tax Act, 1961 . The bill intends to: Modernize tax laws to reflect the evolving economic landscape Simplify terminology to enhance clarity and reduce ambiguities Introduce digital-focused tax policies , recognizing the rise of cryptocurrency and digital transactions Support startups, renewable energy investments, and digital businesses through tax incentives Ensure stricter compliance for non-profits while defining tax exemptions more clearly Key Reforms Proposed in t...

  Union Budget 2025-26: Key Highlights and Impact on Various Sectors Defense Budget Sees a Significant Increase The Union Budget 2025-26 has allocated over Rs 6.81 lakh crore for the Ministry of Defence (MoD), marking a 9.53% increase from the current financial year. This allocation underscores the government's commitment to strengthening national security and modernizing defense infrastructure. Capital Expenditure Allocation Rises Marginally A sum of Rs 11.21 lakh crore has been earmarked for capital expenditure in 2025-26, reflecting a 0.9% increase compared to the 2024-25 budget estimates. This rise is aimed at sustaining infrastructure development and boosting economic growth. Urban Challenge Fund to Boost City Growth To enhance urban infrastructure and transform cities into economic hubs, the budget has introduced a Rs 1 lakh crore Urban Challenge Fund. This initiative is expected to drive sustainable urbanization and improve living standards. Basic Customs Duties Rejig...