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Lok Sabha passes taxation amendment bill amid din
The Hindu··7 Aug
Finance Minister Nirmala Sitharaman moved the Taxation and Other Laws Amendment Bill, 2026, in the Lok Sabha, which passed it amid din without discussion. The bill replaces a June 5 Income-tax Amendment Ordinance and amends income-tax, finance and payment-settlement laws. It includes tax relief measures aimed at supporting the domestic economy and attracting foreign investment.
Prism
What It Means For You
- Foreign portfolio investors can note interest on government securities may be exempt from the April 1 cutoff.
- Electronics manufacturers can track tax relief aimed at supporting domestic production under the amendment package.
- UPI and RuPay users can watch residual powers that let government revisit zero-MDR transaction fee rules.
What's Happening
- Finance Minister Nirmala Sitharaman moved the Taxation and Other Laws Amendment Bill, 2026, in the Lok Sabha.
- The House passed the bill amid din without discussion on August 6.
- It replaces the Income-tax Amendment Ordinance promulgated on June 5, 2026.
What The Tax Bill Changes For Investors
- The bill amends the Income-tax Act, 2025, the Finance Act, 2026, and the Payment and Settlement Systems Act, 2007.
- Exemptions cover certain foreign institutional investors and the Bank for International Settlements on G-sec interest.
- Separate clauses exempt income of certain foreign firms from rough diamond sales in a notified special zone.
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