On Day 12 of the Monsoon Session, Finance Minister Nirmala Sitharaman introduced the Taxation and Other Laws (Amendment) Bill, 2026 in the Lok Sabha. The session also slated the passage of the Bankers' Books Evidence Bill, 2026.

Key Takeaways

  • FM Sitharaman introduced a major tax amendment bill
  • The bill amends Acts from 2007, 2025 and 2026
  • Bankers' Books Evidence Bill is set for approval

Parliament Monsoon Session Day 12 LIVE

In New Delhi, on the twelfth day of the Monsoon Session, Finance Minister Nirmala Sitharaman tabled the Taxation and Other Laws (Amendment) Bill, 2026 before the Lok Sabha. The legislation proposes amendments to the Payment and Settlement Systems Act, 2007, the Income‑Tax Act, 2025 and the Finance Act, 2026.

Sitharaman first moved for leave to introduce the Bill and then formally presented it, emphasizing the need for a more transparent tax regime and a robust digital payment ecosystem.

One day earlier, the Lok Sabha passed a bill increasing the sanctioned strength of Supreme Court judges without debate, while opposition members protested over the Jantar Mantar student sit‑in and alleged theft of offerings at the Ayodhya Ram Temple. Concurrently, the Rajya Sabha approved the Micro, Small and Medium Enterprises Development (Amendment) Bill, 2026.

The session also saw Congress MP Manish Tewari submit an adjournment notice demanding a new anti‑defection law to curb “mass political defections” driven by opportunism, highlighting the heightened political tension.

Why This Matters

BozokMedia analysis shows that the amendment of core financial statutes signals a strategic shift toward modernizing India's tax infrastructure, potentially influencing foreign investment and domestic compliance.

"The bill marks a pivotal step in aligning India's fiscal framework with global digital economy standards," says taxation expert Dr. Ramesh Kumar.
Did You Know?: The Payment and Settlement Systems Act, 2007, was originally enacted to regulate electronic payment systems after the 2008 financial crisis.

Frequently Asked Questions

  • Will the bill cover all forms of digital transactions? Yes, it contains provisions for electronic payments, mobile wallets, and online transfers.
  • What is the purpose of the Bankers' Books Evidence Bill? It clarifies the process for banks to present client transaction records as evidence in courts.