Guwahati: Parliament is set to take up key financial business on Tuesday as Union Finance Minister Nirmala Sitharaman introduces the Taxation and Other Laws (Amendment) Bill, 2026, in the Lok Sabha. The proposed legislation seeks to amend several financial laws, including the Payment and Settlement Systems Act, 2007, the Income-tax Act, 2025, and the Finance Act, 2026, as part of the government’s efforts to streamline the country’s tax and financial framework.
According to the revised List of Business of the Lok Sabha, Sitharaman will seek the House’s permission to introduce the Bill before formally tabling it. She is also expected to present an explanatory statement on the promulgation of the Income-tax (Amendment) Ordinance, 2026 (No. 2 of 2026), which paved the way for some of the proposed changes.
The Bill aims to update and harmonise provisions across multiple tax and financial laws to improve implementation and address issues that have emerged after the introduction of the new Income-tax Act. The amendments are expected to strengthen the legal framework governing taxation and payment systems while ensuring smoother compliance.
Besides the introduction of the legislation, the Lok Sabha is also scheduled to consider demands for excess grants for the financial year 2022-23. Following the discussion, the government will move an Appropriation Bill seeking Parliament’s approval to regularise the excess expenditure incurred during that fiscal year.
The introduction of the Taxation and Other Laws (Amendment) Bill is expected to be one of the major financial agenda items before the House during the ongoing Monsoon Session, as the government continues to fine-tune India’s tax and regulatory framework.