Taxation Laws Amendment Bill 2025 proposes pension tax exemptions and updates to income tax assessment rules
A new Taxation Laws (Amendment) Bill, 2025, was introduced in the Lok Sabha to extend tax exemptions to subscribers of the Unified Pension Scheme, aligning its benefits with those of the New Pension Scheme. The Bill also proposes amendments to the Income-tax Act, 1961, and the Finance Act, 2025, including modifications to the block assessment process in Income Tax search cases and provisions for direct tax benefits to public investment funds from Saudi Arabia. These changes aim to enhance tax incentives and streamline assessment procedures under the updated pension and investment frameworks.

Lower House Passes National Sports Governance and Anti-Doping Bills Amid Opposition Protests
The lower house of the legislature passed two sports-related bills after a brief discussion despite opposition protests concerning electoral roll revisions in a specific state. The bills, addressing national sports governance and anti-doping regulations, were considered and approved by voice vote while many opposition members were absent or engaged in protests outside the chamber. Opposition members returned to raise slogans during the proceedings, but the bills were enacted before the house adjourned.

Government Introduces Revised Income Tax Bill Incorporating Select Committee Recommendations and Stakeholder Suggestions
The government introduced a modified Income Tax bill in the legislature to replace the existing Income Tax Act, 1961. The new bill incorporates nearly all recommendations from a Select Committee, along with additional stakeholder suggestions to clarify legal language. Due to necessary drafting corrections, phrase alignments, and cross-referencing adjustments, the original Income Tax Bill was withdrawn and replaced by this revised version. The bill aims to consolidate and amend income tax laws comprehensively.