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Revised Income tax (No.2) Bill 2025 and The Taxation Laws (Amendment) Bill 2025 approved by Parliament
This Tax Alert summarizes the key changes introduced by the Government of India (GoI) in the Revised Income Tax (No. 2) Bill 2025 (Revised ITB 2025) tabled in and approved by the Lok Sabha on 11 August 2025. Further, the alert also captures details about The Taxation Laws (Amendment) Bill 2025 (Amendment Bill) which was introduced to bring about certain changes to Income Tax Act, 1961 (ITA 1961). Alongside the Revised ITB 2025, the Amendment Bill is also approved by both Lok Sabha and Rajya Sabha and awaiting presidential assent. Once the assent is received, the Revised ITB 2025 will be enacted into law effective from 1 April 2026, replacing the ITA 1961, whereas Amendment Bill will be effective from 1 April 2025 or earlier.