business ๐๏ธ Lok Sabha passes tax tweaks; Rajya Sabha clears extra spending
The Lok Sabha approved the Taxation and Other Laws (Amendment) Bill, 2026, to update India's direct tax and payment systems. This bill amends three laws: Payment and Settlement Systems Act, 2007, Income-tax Act, 2025, and Finance Act, 2026. Additionally, the Rajya Sabha cleared the Appropriation (No. 3) Bill, 2026, authorizing extra government spending for FY26. The tax changes simplify compliance and aid manufacturing sectors like electronics. This paves the way for future MDR fees on large UPI transactions. ๐ฐ