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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...

Understanding Electoral Bonds: Constitutional Implications, Supreme Court Ruling, and the Future of Political Finance in India Electoral bonds are a financial instrument introduced by the Government of India in 2018 as a mechanism for individuals, companies, and entities to donate money to political parties. These bonds are similar to promissory notes that can be purchased from specified branches of authorized banks and then deposited into the accounts of political parties within a prescribed time frame. The identity of the donor is kept anonymous, and the political party can encash these bonds only through a designated bank account. Constitutional Provisions : There are no specific constitutional provisions regarding electoral bonds in the Constitution of India. However, the use of electoral bonds is subject to the constitutional framework governing political funding, freedom of speech, and transparency in the electoral process. The scheme operates within the ambit of various laws, in...