"This budget has been prepared at a very difficult time. Particularly, the external challenges are very severe...For decades we have been talking about globalisation. Now we are facing the issue of fragmentation in the world...Everybody wants to have a free market but there are increasing tariff barriers...The world is growing through a major change," said Finance Minister Nirmala Sitharaman.

“The Budget for the FY26 was prepared during a challenging time, with serious external challenges beyond estimates or forecasts…For decades we have been talking about globalisation. Now we are facing the issue of fragmentation in the world, ” said Union Minister for Finance Nirmala Sitharaman in Rajya Sabha Thursday. The new Income Tax Bill will replace the six-decade old Income Tax Act and will likely come into effect from April 1, 2026.
Meawhile, after the Joint Parliamentary Committee’s report on Waqf (Amendment) Bill was tabled in the Rajya Sabha, Leader of Opposition, Mallikarjun Kharge claimed that the dissent remarks have been deleted from it. Calling it condemnable, anti-democratic, Kharge urged Vice President Jagdeep Dhankar to reject the report and send it back. Opposition MPs staged a walkout as the report was laid on table in Lok Sabha.
The JPC panel, including Opposition and BJP MPs, submitted its report to LS Speaker Om Birla on January 30 and the committee had adopted the report on the draft legislation by a 15-11 majority vote. BJP members insisted that the Bill, introduced in the Lok Sabha in August last year, seeks to bring modernity, transparency and accountability in the management of Waqf properties. On the other hand, the opposition termed it an attack on the constitutional rights of the Muslim community and interference in the functioning of Waqf boards.
Rajya Sabha Chairman Jagdeep Dhankhar on Thursday weighed in on the issue of Opposition MPs seeking the removal of Allahabad High Court judge Justice Shekhar Yadav over his controversial remarks at an event organised by the Vishwa Hindu Parishad (VHP) and said the jurisdiction for the subject matter “constitutionally lies in exclusivity with the Chairman Rajya Sabha and in an eventuality with the Parliament and the President”.
“I am seized of an undated notice for motion received on 13 December 2024, bearing 55 purported signatures of the members of the Rajya Sabha seeking removal from office of Justice Shekhar Yadav of Allahabad High Court under Article 124(4) of the Constitution,” Dhankhar said in Rajya Sabha on Thursday. “The jurisdiction for the stated subject matter constitutionally lies in exclusivity with the Chairman Rajya Sabha and in an eventuality with the Parliament and the President,” he added.
Dhankhar further said that “it is expedient that the Secretary General, Rajya Sabha shares this for information with the Secretary General, Supreme Court of India”.
Discussion on Union Budget continues in Rajya Sabha.
Lok Sabha adjourned till March 10.
Union Minister for Finance Nirmala Sitharaman introduced the new Income Tax bill in Lok Sabha.
As report of the Joint Committee on the Waqf (Amendement) Bill is being laid on the table, Opposition MPs create ruckus in Lok Sabha.
Lok Sabha proceedings resume.
Discussion on Union Budget resumes in Rajya Sabha and Darshana Singh, BJP MP from Uttar Pradesh says the Budget favours farmers, women and poor.
Question Hour continues in Rajya Sabha
As Question Hour goes on in Rajya Sabha, CPIM MP John Brittas raised the query on the "release of Nimisha Priya" from Yemen jail. MoS External Affairs Kirti Vardhan Singh said its a sensitive matter and the Centre is providing all possible assistance. Singh reiterated that its now a matter between the family of the deceased and kin of Nimisha Priya.
Nimisha Priya, a woman from Kerala, was sentenced to death for the murder of a local man in 2017 in Yemen.
Opposition MPs stage walkout in Rajya Sabha demanding the JPC report on Waqf (Amendment) Bill be sent back. The Opposition MPs alleged that dissent notes in the report have been deleted.
Saket Gokhale, TMC MP from West Bengal called the "deletion of dissent notes" from JPC report, "censorship" and "unparliamentary act".
Syed Naser Hussain, Congress MP from Karnataka says my dissent notes have been deleted.
"Discussion among JPC members were not done," Hussain says. Hussain demanded the report to be taken back
"The Minister (Kiren Rijiju) has said categorically...but we have been mislead...its outrageous that Opposition MPs who know the rules are misleading the House," Union Finance Minister Nirmala Sitharaman says.
Union Minister of Parliamentary Affairs, Kiren Rijiju refutes the allegations made by Opposition MPs saying, "There has been deletion...Don't mislead the House. As per the rules, all Opposition MPs took part in making the report. All allegations are false."
Leader of Opposition in Rajya Sabha, Mallikarjun Kharge claimed that the dissent remarks have been deleted from the JPC report on Waqf (Amendment) Bill. Calling it condemnable, anti-democratic, Kharge urged Vice President Jagdeep Dhankar to reject the report and send it back.
Kharge claimed that statements of non-stakeholders are included in the report.
House should have been in order when the President's address was going on, JP Nadda, Union Minister says.
Proceedings resume in Rajya Sabha
Dr Medha Vishram Kulkarni, BJP MP from Maharashtra laid the report of the Joint Committee on the Waqf Amendment Bill in Rajya Sabha and the Upper House has been adjourned till 11:20 am as Opposition MPs created ruckus.
As soon as proceedings began, Opposition MPs started sloganeering and Lok Sabha has been adjourned till 2 pm.
Parliamentary proceedings will begin shortly.
Apart from the new I-T Bill, the report on Waqf (Amendment) Bill prepared by the joint committee is likely to be presented in Lok Sabha today. The panel, including Opposition and BJP MPs, submitted its report to LS Speaker Om Birla on January 30 and the committee had adopted the report on the draft legislation by a 15-11 majority vote. BJP members insisted that the Bill, introduced in the Lok Sabha in August last year, seeks to bring modernity, transparency and accountability in the management of Waqf properties. On the other hand, the opposition termed it an attack on the constitutional rights of the Muslim community and interference in the functioning of Waqf boards.
The new Income Tax Bill will replace the six-decade old Income Tax Act and will likely come into effect from April 1, 2026. With no major structural changes in the new Bill, experts say its majorly a simplification exercise and its key features are — crisp language, removal of extra provisos and explanations along with expanded definition of income.
In the new I-T Bill, virtual digital assets have been included in the definition of property to be counted as a capital asset of the assessee and several provisions have been provided in tabular format such as tax deducted at source (TDS) provisions, presumptive taxation rates, assessment time limits among others.
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Union Minister for Finance Nirmala Sitharaman is likely to table new I-T bill in Lok Sabha today and the report on Waqf Bill is likely to be taken up for discussion in the Lower House.
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