Finance Bill 2025 repeals Government Securities Act, 1944

This Bill implements the financial proposals of the Central Government for the financial year 2025-2026. It sets income-tax rates, amends various direct and indirect tax laws, and makes miscellaneous amendments to other Acts.

Individuals, Hindu undivided families, companies, associations of persons, bodies of individuals, artificial juridical persons, cooperative societies, and entities involved in customs, central excise, central goods and services tax, and service tax transactions.

• Sets income-tax rates for the assessment year commencing on 1st April 2025, including surcharges.
• Amends sections of the Income-tax Act, 1961, including provisions for agricultural income, deductions, and penalties.
• Amends the Customs Act, Customs Tariff Act, Central Excise Act, and Central Goods and Services Tax Act.
• Provides for a retrospective exemption from service tax for reinsurance services under specific agricultural insurance schemes.
• Amends the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002.
• Amends the Government Securities Act, 2006, and repeals Act 18 of 1944.
• Specifies commencement dates: Sections 2-86, 99-115, 120, and 131 come into force on 1st April 2025; other sections come into force on a date appointed by the Central Government.

Written from the document by AI, and checked against it. The original below is authoritative.

The original document