Taxation Revamp: New Perks for Unified Pension Subscribers
The Taxation Laws (Amendment) Bill, 2025, introduced by Finance Minister Nirmala Sitharaman, offers tax exemptions for Unified Pension Scheme subscribers and modifies block assessments for Income Tax search cases. It also extends direct tax benefits to Saudi Arabian public investment funds, aligning with prior NPS benefits.
- Country:
- India
Finance Minister Nirmala Sitharaman has introduced the Taxation Laws (Amendment) Bill, 2025, in the Lok Sabha, proposing tax exemptions for Unified Pension Scheme subscribers. The bill is part of a larger effort to streamline pension benefits.
A notable aspect of the bill is the amendment of block assessment procedures related to Income Tax search cases, potentially affecting many taxpayers. The bill also opens doors for new direct tax incentives aimed at attracting Saudi Arabian public investment funds.
The introduction of this bill aligns with the government's previous announcement that all benefits under the New Pension Scheme will be extended to the Unified Pension Scheme, effective from April 2025.
(With inputs from agencies.)
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