Finance Minister Nirmala Sitharaman presented the Finance Bill, 2026, in the Lok Sabha, a crucial step to enact the proposals from the 2026-27 Union Budget. This bill will implement changes in income tax rates, customs, and excise duties as outlined in the budget.
Additionally, Sitharaman introduced the Corporate Laws (Amendment) Bill, 2026, aiming to amend the Limited Liability Partnership Act, 2008, and the Companies Act, 2013. The bill seeks to simplify business operations, decriminalize minor offenses, and reduce compliance burdens for small firms and startups.
Opposition members, including Manish Tewari, Sougata Ray, and Dr. T. Sumathy, raised concerns about the Corporate Laws (Amendment) Bill, alleging dilution of Corporate Social Responsibility provisions. In response, Sitharaman emphasized that the amendments aim to attract investments and enhance corporate governance.
Sitharaman highlighted that the legislation underwent two years of thorough deliberation, considering inputs from industry representatives, professional bodies, and the public. The amendments were based on recommendations from the Company Law Committee (CLC) to improve the ease of doing business for companies.
The second phase of the Budget Session resumed after holidays, with Parliament scheduled to sit on March 28 and March 29 to make up for the break during Ugadi and Eid celebrations.
