The Taxation Laws Amendment Act, introduces changes to the Income- tax Act, and the Finance Act, 2025. It provides for tax treatment of specific payments from the National Pension System Trust to subscribers of the Unified Pension Scheme, making certain lump-sum amounts tax-exempt. It extends tax exemptions to the Public Investment Fund of the Government of Saudi Arabia and its subsidiaries under certain conditions. It also amends section 80CCD regarding taxability of receipts from the Unified Pension Scheme, while also addressing transfers between different pension accounts. It also updates the Finance Act to revise the conditions under which tax assessment proceedings are considered abated during a search or requisition.
(Link: Taxation Law Amendment Act 2025 Notification Dated 21/08/2025)