Taxation and Other Laws (Amendment) Bill 2026 to Be Introduced in Lok Sabha as Parliament Takes Up Key Financial Agenda
Union Finance Minister Nirmala Sitharaman is set to introduce the Taxation and Other Laws (Amendment) Bill, 2026 in the Lok Sabha on Tuesday as Parliament takes up an important list of financial and legislative business during the ongoing session. According to the revised List of Business issued by the House, the proposed legislation aims to amend several key laws governing taxation and financial systems in the country.
The Bill proposes amendments to the Payment and Settlement Systems Act, 2007, the Income-tax Act, 2025, and the Finance Act, 2026. The Finance Minister will first seek leave of the House before formally introducing the legislation for consideration. The introduction of the Bill forms a major part of Tuesday’s parliamentary agenda, alongside discussions on government expenditure, banking legislation and reports related to parliamentary standing committee recommendations.
Bill Seeks Changes to Existing Taxation and Financial Laws
The Taxation and Other Laws (Amendment) Bill, 2026, has been brought forward to make further amendments to three important legislations that govern India’s taxation framework and payment ecosystem. While the revised List of Business outlines the Acts that will be amended, it does not specify the detailed provisions of the proposed changes. Those details are expected to emerge during the legislative process after the Bill is formally introduced in the Lok Sabha.
As part of the proceedings, Sitharaman will also table an explanatory statement in both Hindi and English explaining the reasons for promulgating the Income-tax (Amendment) Ordinance, 2026 (No. 2 of 2026). The statement is intended to inform Members of Parliament about the circumstances that necessitated immediate legislative action through an ordinance before the Bill could be introduced in Parliament.
Lok Sabha to Discuss Demands for Excess Grants for 2022-23
Following the introduction of the amendment Bill, the Lok Sabha is scheduled to take up discussion on the Demands for Excess Grants for 2022-23. This parliamentary exercise relates to expenditure incurred by the government during the financial year ending March 31, 2023, that exceeded the amounts originally approved by Parliament.
After the discussion concludes, the Finance Minister will introduce the Appropriation (No. 3) Bill, 2026. The proposed legislation seeks parliamentary approval for the excess expenditure incurred during the 2022-23 financial year. Sitharaman will also move the Bill for consideration and passage in the House, completing the constitutional process required for such expenditures.
Statements on Parliamentary Committee Recommendations
In addition to financial business, the Lok Sabha will hear statements from ministers regarding the implementation of recommendations made by various Parliamentary Standing Committees. These statements are part of Parliament’s oversight mechanism, enabling members to review the progress made on committee recommendations across different government departments.
Union Minister Jitin Prasada is scheduled to present a statement concerning recommendations related to the Department for Promotion of Industry and Internal Trade (DPIIT). Minister of State Chandra Sekhar Pemmasani will make a statement on recommendations relating to the Department of Land Resources, while Minister of State Bhagirath Choudhary will present a statement on recommendations connected to the Department of Agricultural Research and Education.
Bankers’ Books Evidence Bill 2026 Also Listed
Another important item on Tuesday’s legislative agenda is the consideration and passage of the Bankers’ Books Evidence Bill, 2026. The proposed legislation aims to modernise the legal framework governing evidence related to bankers’ books by aligning it with present-day digital banking practices.
The move reflects the increasing digitisation of India’s banking sector and seeks to ensure that legal provisions remain relevant as financial institutions continue to adopt electronic records and digital documentation.
Rule 377 Matters to Be Taken Up
Before proceeding with the remaining legislative business, the Lok Sabha will also take up matters listed under Rule 377. These matters allow Members of Parliament to raise issues of public importance with the permission of the Chair, providing an opportunity to highlight concerns affecting their constituencies and various sectors.
Busy Day Expected in Parliament
Tuesday’s Lok Sabha agenda reflects a combination of financial legislation, parliamentary accountability and administrative oversight. With the introduction of the Taxation and Other Laws (Amendment) Bill, 2026, discussions on excess government expenditure, consideration of the Appropriation Bill, ministerial statements on committee recommendations and deliberations on the Bankers’ Books Evidence Bill, the House is expected to witness a full day of legislative business.
The proceedings will determine the next stage of the proposed taxation amendments while also addressing important financial approvals and institutional reforms through Parliament’s legislative process.
