Lok Sabha passes Taxation Laws (Amendment) Bill amid din

Aug 11, 2025

Synopsis
The Lok Sabha approved the Taxation Laws (Amendment) Bill, 2025, extending tax exemptions to subscribers of the Unified Pension Scheme. Introduced by Finance Minister Nirmala Sitharaman, the bill also includes modifications to block assessment for Income Tax search cases.

Lok Sabha on Monday passed the Taxation Laws (Amendment) Bill, 2025, which aims to provide tax exemptions to subscribers of the Unified Pension Scheme.

Finance Minister Nirmala Sitharaman on Monday had introduced the Bill.

The Bill 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.

(With inputs from PTI)

[The Economic Times]