Union Cabinet Approves Key Decisions, Including New Income Tax Bill 2025 & Extension of Skill India Programme.

National

On 7 February 2025, the Union Cabinet, chaired by Prime Minister (PM) Narendra Modi, approved the following:


      - New Income Tax (IT) Bill 2025 – Aimed at simplifying tax laws and reducing legal complexities. Effective from the Financial Year (FY) 2025-26, this bill will replace the Income Tax Act of 1961 and apply to taxpayers from the Assessment Year (AY) 2026-27.

      - Extension of National Commission for Safai Karamcharis (NCSK) – The tenure of NCSK has been extended for three years beyond 31 March 2025, up to 31 March 2028, with a financial implication of approximately Rs. 50.91 crore.

     

Main Point :-   (i) The Central Sector Scheme - Skill India Programme (SIP) will continue and be restructured until 2026, with a total allocation of ₹8,800 crore for the period 2022-23 to 2025-26.

      (ii) Ex-post facto approval has been granted for the revision of divisional jurisdiction under the proposed South Coast Railway (SCOR) Zone at Visakhapatnam, Andhra Pradesh (AP).


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