The upcoming budget session of Parliament will see the presentation of several significant bills, with a focus on a range of sectors from finance to maritime law. The session will start with the Economic Survey 2024-25 and is expected to include the presentation of 16 bills, including key legislation such as the Finance Bill 2025, amendments to the Waqf and Banking Regulations Act, and the merging of the Indian Railways and Indian Railways Board Acts.
Key Bills in the Session:
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Finance Bill 2025: This bill is crucial, particularly because of the anticipated overhaul of the Income Tax Act of 1961, which aims to simplify the tax code, making it easier for taxpayers to understand and comply with their tax obligations. The bill will also contain various budgetary reforms proposed by Finance Minister Nirmala Sitharaman and could include changes in banking laws to enhance governance and consumer protection in the sector.
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Waqf (Amendment) Bill: The Waqf Bill, which was presented in Parliament last August, proposes 44 changes to how Muslim charitable properties are managed. This bill has faced significant opposition, with protests regarding its provisions, particularly from opposition members who criticized the changes as being biased. The report from the joint committee, which had numerous contentious discussions, will be a major topic during this session.
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Disaster Management (Amendment) Bill: This bill seeks to update the laws around disaster preparedness and response, shifting responsibilities between central and state forces and ensuring a faster response to disasters through an improved database.
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Maritime and Shipping Laws: Several bills aimed at modernizing the maritime sector are expected, including the Bills of Lading Bill, Carriage of Goods by Sea Bill, and Coastal Shipping Bill. These reforms are designed to bring India's shipping regulations up to date with international standards.
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Oilfields Amendment Bill: This bill will propose updates to laws concerning oil exploration and extraction, likely with an emphasis on improving operational safety and efficiency.
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Representation of Scheduled Tribes (STs) in Goa: A bill to adjust the representation of Scheduled Tribes in Goa's Assembly constituencies will aim to better align political representation with the population of ST communities.
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In addition to these, there are several other bills that may be introduced to further reform laws governing aviation, immigration, and other sectors of public interest.
The session will also be significant for Finance Minister Nirmala Sitharaman, marking her eighth budget presentation. If the session includes a new tax code, this would be a major overhaul aimed at simplifying the tax system, potentially impacting a broad range of citizens and businesses.
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