The government will introduce a new Income Tax bill next week to take forward the "trust first, scrutinise later" concept, Finance Minister Nirmala Sitharaman said on Saturday. In another major reform move, the minister announced that the Foreign Direct Investment (FDI) in the insurance sector will be increased to 100 per cent from 74 per cent.
The government has also listed three new bills for the session -- 'The Protection of Interests in Aircraft Objects Bill, 'Tribhuvan Sahkari University Bill', and the 'Immigration and Foreigners Bill'.
The joint committee of Parliament examining the Waqf (Amendment) Bill submitted its report to Lok Sabha Speaker Om Birla on Thursday. The panel adopted the report by a majority vote, with changes suggested by members of the ruling BJP. Opposition members, who submitted dissent notes, called the exercise an attempt to destroy Waqf boards and termed the bill an attack on the constitutional rights of the Muslim community.
Implications for capital gains, wealth taxes, and investment strategies require careful consideration, notes Anil Rego, founder and CEO, RightHorizons.
All opposition members of the parliamentary panel on the Waqf Amendment Bill were suspended for a day on Friday amid continuous protests and accusations against Chairman Jagdambika Pal of steam-rolling through the proceedings.
Ministry mulls graded funding for sports federations
The government wants the AI Summit to give it an early start in becoming part of any global body setting policies for the emerging technology.
The weaker rupee will push the country's import bill due to higher payments for crude oil, coal, vegetable oil, gold, diamonds, electronics, machinery, plastics, and chemicals, economic think tank GTRI said on Friday. Citing an example, it said the depreciating domestic currency will increase India's gold import bill, especially as global gold prices have jumped 31.25 per cent, rising from $65,877 per kg in January 2024 to $86,464 per kg in January 2025.
The Tamil Nadu government has argued in the Supreme Court that Governor R N Ravi's repeated withholding of assent to bills passed by the state legislative assembly would lead to the failure of the democratic system in India. The top court has questioned the delay by the Governor in granting assent to several bills passed by the state assembly and asked why governors should wait for parties to move the court with their grievances. The court has also said that the Governor cannot refer bills passed by the legislature and re-adopted by it for presidential assent.
'Once filed, it cannot be revised or rectified.'
Australian captain Sam Kerr who has Indian ancestry, has pleaded not guilty to one count of racially aggravated harassment.
The party had won 67 seats in the 2025 assembly polls and 62 in the 2020 elections.
A Republican lawmaker has introduced a House Joint Resolution to amend the US Constitution to allow a president to be elected for up to three terms. The move is aimed at facilitating a third term for President Donald Trump. Congressman Andy Ogles, who introduced the resolution, stated that the amendment would ensure the continuation of Trump's "bold leadership" and provide him with the resources to "correct the disastrous course" set by the Biden administration. He highlighted Trump's decisive leadership and his ability to "restore America to greatness." Ogles also praised Trump's actions in tackling the crisis at the southern border, lifting oil and gas drilling restrictions, ending birthright citizenship for children born to illegal aliens, and withdrawing the United States from the World Health Organization.
The BJP government in Gujarat has formed a five-member committee, headed by a retired Supreme Court judge, to assess the need for the Uniform Civil Code (UCC) in the state and to draft a bill for the same. The committee will submit its report within 45 days. The decision has sparked debate with the Opposition claiming it is an attempt to divert attention from pressing issues ahead of the upcoming local body polls, while the government insists the UCC will protect the rights of tribal communities. The committee will consult with religious leaders, including those from the Muslim community.
Finance Minister Nirmala Sitharaman on Saturday presented Union Budget 2025-26, envisaging an expenditure of Rs 50,65,345 crore, an increase of 7.4 per cent over the current fiscal.
Manchester City's spending of more than 180 million pounds ($223.58 million) was the second-biggest outlay ever worldwide by a club in the January transfer window.
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
'Going forward, the encouragement would be to move to the new tax regime.'
President Donald Trump has said that birthright citizenship was primarily intended for the children of slaves and not for the whole world to "come in and pile" into the US. Trump issued an executive order against birthright citizenship on his first day in office, which was struck down by a federal court in Seattle the next day. Trump has said that he would appeal against it and is confident that the Supreme Court will rule in his favor. A group of Republican Senators introduced a bill in the US Senate to restrict birthright citizenship to the children of illegal immigrants and non-immigrants on temporary visas. They argue that birthright citizenship is a major pull factor for illegal immigration and a weakness for national security.
'The finance minister missed yet another opportunity to simplify the income tax structure in the Budget.' 'This was an opportune moment to get rid of the old tax system entirely and move fully to the new system,' asserts M Govinda Rao, member of the 14th Finance Commission.
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
Opposition parties have called for a discussion in Parliament on the Maha Kumbh tragedy and the UP government's alleged focus on VIPs rather than the common pilgrims. Union minister Kiren Rijiju has stated that the Business Advisory Committee will decide on the agenda of the Budget Session, which will start from January 31. The Session will commence with President Droupadi Murmu addressing the joint sitting of Lok Sabha and Rajya Sabha. The Union Budget will be presented on February 1.
Maratha activist Manoj Jarange ended his five-day indefinite fast after government representatives assured him that several of his demands, including the reactivation of the Shinde Committee, would be fulfilled. Jarange, who has been demanding reservation for the Maratha community in government jobs and education, warned that members of the community would march to Mumbai if the demands were not met. The government has assured that all cases against Maratha protesters would be withdrawn, while separate sections would be set up for issuing "Kunbi " certificates for the community members. The Economically Backward Section provisions for Marathas would also be implemented, while compensation would be released for those community members who lost their lives during the quota agitation.
The Janata Dal (United), an ally of the ruling Bharatiya Janata Party (BJP), has sought an extension in the tenure of the Joint Parliamentary Committee (JPC) scrutinising the bills proposing simultaneous elections. The party argued that the committee, which has only met once, requires more time for extensive consultations. Meanwhile, the Lok Janshakti Party (Ram Vilas), another BJP ally, has demanded a "special industrial package" for Bihar, highlighting the state's low per capita income compared to the national average.
'Nearly 10 million people will benefit from the increase in the rebate limit for those earning up to Rs 12 lakh.' 'We expect all that money will come back into the economy in either savings, consumption, or investments.'
Prime Minister Narendra Modi said on Friday that there have been no attempts from abroad to stoke trouble in India ahead of the Parliament's Budget session, which begins on Saturday. Modi's statement comes as his government prepares to present its first full-fledged budget in its third term. He expressed confidence that the Budget session will infuse new confidence and energy in attaining the goal of 'Viksit Bharat' by 2047, and said his government has been working in a mission mode for an all-round development.
'Not only jobs are not being generated, but people are also losing jobs.'
These are the highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday.
'Our attempt to honour the taxpayer has been since 2014 and more actively since 2019-2020 onwards.'
India's Parliament is set to begin its Budget session on Friday, with opposition parties poised to demand a discussion on the alleged mismanagement of the Maha Kumbh festival in Prayagraj, where 30 pilgrims died in a stampede. The opposition also accused the government of politicising parliamentary committees and pushing its agenda through its majority. The session will start with President Droupadi Murmu addressing both houses of Parliament. Finance Minister Nirmala Sitharaman will present the Union Budget on Saturday for the eighth consecutive time.
'Spend, but create assets, spend but make sure that people benefit from it.' 'This has been a beautiful guiding principle. And I think as a finance minister I owe so much to the prime minister for keeping this path clear before us.'
Opposition MPs, some of whom have given their dissent, slammed the exercise as undemocratic, claiming that they were given little time to study the final report and frame their dissent notes.
'...how do they consume and contribute to the GDP?'
Mitch Owen blasted the Big Bash League's equal-fastest hundred on Monday to deliver Hobart Hurricanes their first T20 title
The Guantanamo Bay facility, which has so far been used to hold terrorists, will now also house illegal immigrants with criminal records.
'If you are not prudent, you may exceed your budget, and if it happens too often, you may end up in debt.'
Seeking to allay fears that existing Waqf properties will be subject to scrutiny after the amended Waqf law comes into force, a parliamentary panel on Tuesday recommended that no cases will be reopened against such properties on a retrospective basis, provided the asset is not in dispute or belongs to the government.
The manifesto outlines 15 guarantees, with Kejriwal promising "robust" job creation for Delhi residents as his first guarantee.
India's opposition parties have sharply criticized the Union Budget, calling it inadequate to address the country's economic woes and accusing the BJP-led government of using it to woo voters in Bihar and Delhi ahead of upcoming elections. Leaders from the Congress, TMC, DMK, SP, and CPI(M) voiced their disapproval, highlighting concerns over inflation, unemployment, and the lack of substantial measures to support the agricultural sector and the poor. They also criticized the tax cuts for the middle class as insufficient and coming too late after years of high taxes and rising prices.
'The voice which came wherever I travelled was that we are proud taxpayers. We are honest taxpayers. We want to continue to serve the country by being good taxpayers.' 'But what do you think about the kind of things you can do for us?'
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