New Delhi, Aug 11 (PTI) Finance Minister Nirmala Sitharaman on Monday introduced the Taxation Laws (Amendment) Bill, 2025, which aims to provide tax exemptions to subscribers of the Unified Pension Scheme.

The Bill, introduced in the Lok Sabha, also incorporates changes in the scheme of block assessment with regard to Income Tax search cases, and to provide for certain direct tax benefits to public investment funds of Saudi Arabia.

The Taxation Laws (Amendment) Bill, 2025, seeks to amend the Income-tax Act, 1961 and also to amend the Finance Act, 2025.

The government in July announced that all tax benefits available under the New Pension Scheme (NPS) shall apply to the Unified Pension Scheme (UPS), which was implemented from April 1, 2025. PTI JD CS MR

Bills as Passed by Lok Sabha and Rajya Sabha

1. Income Tax Bill, 2025
2. Taxation Laws Amendment Bill, 2025

Tax exemptions for Unified Pension Scheme subscribers expanded; Bill revises block assessment rules and grants tax benefits to Saudi funds. The Taxation Laws (Amendment) Bill, 2025 extends tax concessions available under the New Pension Scheme to subscribers of the Unified Pension Scheme, and amends the Income-tax Act and the Finance Act to give effect to that alignment. It also modifies the legal framework for block assessment in income-tax search cases and provides specified direct tax benefits to qualifying public investment funds of Saudi Arabia.