This week in Indian law: Parliament reconvened after the recess with the Lok Sabha taking up debate on Demands for Grants for FY 2025-26. The Finance Bill passage timeline is on track for late March. A relatively quiet judicial week as the legislative calendar takes centre stage. 3 significant developments this week focused on legislative policy.
Top story
Budget Session Resumes: Demands for Grants Debate Begins in Lok Sabha
Category: legislative-policy | Date: 5 March 2025 | Source: Lok Sabha Secretariat
Parliament's Budget Session reconvened on 5 March 2025 after the recess for Standing Committee review of Demands for Grants. The Lok Sabha commenced debate on ministry-wise Demands for Grants for the financial year 2025-26, with the government targeting completion of the financial business — including passage of the Appropriation Bill and Finance Bill — before 31 March.
Why it matters: The passage of the Finance Bill will give legislative effect to the tax proposals announced in the Union Budget, including the income tax exemption for earnings up to Rs 12 lakh and the FDI liberalisation in insurance. Practitioners should prepare for these changes to become law by late March.
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Legislative and policy developments
Finance Bill 2025 and Income-Tax Bill: Parallel Tracks
The Finance Bill 2025 and the Income-Tax Bill 2025 are proceeding on parallel tracks. The Finance Bill must be passed before 31 March to meet the constitutional deadline for the new financial year. The Income-Tax Bill, referred to the Select Committee, has a longer timeline with an effective date of 1 April 2026. The Select Committee continued its detailed clause-by-clause examination during this week, holding consultations with tax professionals, industry bodies, and the Central Board of Direct Taxes.
Also this week
- SEBI reform circulars expected — Market participants anticipate ESG disclosure and rights issue reform circulars from SEBI in mid-March.
- SC regular operations — The Supreme Court continued hearing regular matters but no landmark judgments were delivered during this week.
By the numbers
- 31 March — Constitutional deadline for passage of Finance Bill and Appropriation Bill
- 119% — Productivity of the Budget Session reported so far
- 5 March — Date Parliament reconvened after recess
Looking ahead
- March 10-14: SEBI expected to issue ESG and rights issue reform circulars
- March 11-14: SC to hear key matters including Lokpal jurisdiction
- Late March: Finance Bill and Appropriation Bill passage targeted
This is the Veritect Weekly Legal Roundup for Week 10 of 2025. For daily updates, visit our legal news page. Subscribe to receive this roundup every Monday morning.
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