New Delhi, Aug. 11 -- The Lok Sabha approved on Monday a revised version of the Income Tax Bill 2025, which restored several taxpayer-friendly provisions from the existing law that were erroneously dropped in the draft tabled in Parliament in February. The legislation seeks to comprehensively overhaul a complex and voluminous Income-tax Act of 1961.

The revised bill incorporates the tax relief offered to Unified Pension Scheme (UPS) subscribers under the Taxation Laws Amendment Bill 2025, which was also tabled in the Lok Sabha on Monday. These tax benefits are already available to National Pension System (NPS) subscribers. UPS is an alternative to NPS that retains employee contribution and guarantees central government staff a pension eq...