Quick Summary
Finance Minister Nirmala Sitharaman introduced the Taxation Laws (Amendment) Bill, 2025 in the Lok Sabha, proposing significant amendments to the Income-tax Act, 1961 and the Finance Act, 2025. The bill seeks to provide targeted tax exemptions, streamline pension withdrawals under the newly launched
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FAQ :
The bill aims to provide direct tax relief, offer income-tax exemptions for Unified Pension Scheme retirees, and improve block assessment provisions for search cases, fostering economic cooperation with Saudi Arabia.
Subscribers can receive tax-free withdrawals of up to 60% of their corpus from the National Pension System Trust at retirement, provided it's not a penal withdrawal.
Withdrawals are tax-free when transferred to the 'pool corpus' upon retirement. However, payouts withdrawn in cash will be taxable.
Yes, the bill proposes to extend sovereign wealth fund tax exemptions to Saudi Arabia's Public Investment Fund (PIF) and its wholly owned subsidiary, subject to certain conditions.
The bill updates Section 16 to ensure the Rs 75,000 standard deduction under the new tax regime applies more broadly, benefiting salaried taxpayers.
Amendments aim to refine the assessment of 'undisclosed income' in search and requisition cases, ensuring pending assessments related to the block period abate from the search initiation date.
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