New Delhi, Aug. 11 -- The Centre's ambition to replace the over six-decade-old income tax law with a simplified legislation reached a step closer to reality, with the Lok Sabha on Monday approving a revised version of the bill.
The revised Income Tax Bill 2025 incorporates the tax relief offered to UPS subscribers under the Taxation Laws Amendment Bill 2025, which was also tabled in 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 equivalent to 50% of the average basic pay of the last 12 months after more than 25 years of service.
The tax benefits include exemption ...
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