NEW DELHI: 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.