Union Cabinet Approves Key Decisions, Including New Income Tax Bill 2025 & Extension of Skill India Programme. National | Dated: 11 Feb 2025 On 7 February 2025, the Union Cabinet, chaired by Prime Minister (PM) Narendra Modi, approved the following: 🎯 Key Highlights: - 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. 💡 Other Important Facts: (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). 📚 Test Your Knowledge: Recently, the Union Cabinet approved the extension of the tenure of the National Commission for Safai Karamcharis (NCSK) for how many years? Correct Answer: 3 years 🚀 Quick Recap: