The Lok Sabha passed the Finance Bill 2025 on Tuesday, March 25, along with 35 government amendments, including one abolishing a six per cent digital tax on online advertisements. With the passage of the Finance Bill 2025, the Lok Sabha completed its part of the Budgetary approval process. The Upper House, Rajya Sabha, will now consider the Bill. After the Rajya Sabha approves the Bill, the Budget process for 2025-26 will be complete.
As the government prepares to present the Union Budget for 2025 on February 1, the Central Board of Direct Taxes (CBDT) is working on a simplified version of the income tax laws. Sources have told CNBC-TV18 that the ongoing comprehensive review of direct tax laws aims to ease legal hurdles and reduce the litigation burden for both the government and the industry.