The Lok Sabha has passed the Finance Bill, 2025, incorporating 35 government amendments aimed at tariff rationalisation and boosting domestic manufacturing. The Bill seeks to give effect to the financial proposals of the Central Government for the financial year 2025-2026. 

The bill introduces several significant amendments aimed at reforming India's tax structure and fostering economic growth.

Key Highlights

1. Abolition of the Digital Advertisement Tax: The bill proposes the removal of the 6% Equalization Levy on digital advertisements, commonly referred to as the digital ad tax. This tax primarily affected foreign tech companies operating in India. Its removal is expected to ease international trade relations, particularly with the United States, and encourage foreign investment in India's digital economy. 

2. Revised Income Tax Slabs: The bill introduces new income tax slabs under the updated tax regime:

Up to Rs.4 lakh: Nil
Rs. 4 lakh to Rs. 8 lakh: 5%
Rs. 8 lakh to Rs. 12 lakh: 10%
Rs. 12 lakh to Rs. 16 lakh: 15%
Rs. 16 lakh to Rs. 20 lakh: 20%
Rs. 20 lakh to Rs. 24 lakh: 25%
Above Rs. 24 lakh: 30%

Additionally, the standard deduction has been increased from Rs. 50,000 to Rs. 75,000. These changes aim to reduce the tax burden on individuals, thereby increasing disposable income and stimulating consumer spending.

3. Rationalization of Tax Deduction at Source (TDS) and Tax Collected at Source (TCS): The bill proposes reducing the TDS rate on insurance commission income from 5% to 2%. This measure is intended to simplify tax compliance and benefit insurance agents by reducing the upfront tax deduction on their earnings.

4. Extension of Time-Limit to File Updated Income Tax Returns: Taxpayers will now have up to four years, an extension from the previous two-year limit, to file updated income tax returns. This amendment provides greater flexibility for taxpayers to rectify omissions or errors in their tax filings, promoting voluntary compliance and reducing litigation. 

5. Incentives for Manufacturing and Infrastructure: The bill introduces exemptions for capital goods used in the production of lithium-ion batteries for mobile phones and electric vehicles. This initiative is expected to boost domestic manufacturing in the electronics and electric vehicle sectors, aligning with the government's "Make in India" initiative. 

6. Support for Agriculture: The establishment of the Prime Minister Dhan-Dhaanya Krishi Yojana aims to enhance agricultural productivity and self-reliance in pulses. Additionally, the creation of a Makhana Board in Bihar is intended to promote the production and export of makhana, benefiting local farmers and contributing to rural development.

Implications:

The amendments introduced in the Finance Bill 2025 reflect the government's commitment to simplifying the tax regime, enhancing compliance, and fostering economic growth. By reducing tax rates and extending filing timelines, the bill aims to increase disposable income, stimulate consumer spending, and attract both domestic and foreign investment. The focus on manufacturing, infrastructure, and agriculture underscores a strategic approach to bolster key sectors of the economy, promote self-reliance, and create employment opportunities.

Overall, the Finance Bill 2025 is poised to have a multifaceted impact on India's economic landscape, with the potential to drive growth, enhance taxpayer satisfaction, and strengthen international trade relationships.

Sunil Kumar opened India’s medal account at the ongoing 2025 Senior Asian Wrestling Championship in Amman, Jordan.

• The championship witnessed intense action as bouts in five weight categories of the Greco-Roman style took place.
• India’s Sunil Kumar (87kg) delivered a remarkable performance to secure a bronze medal for the country, defeating China’s Jiaxin Huang with a 3-1 scoreline.
• Sunil began his campaign with a dominant 10-1 victory over Tajikistan’s Sukhrob AbdulKhaev but fell short in the semifinals against Iran’s Yasin Ali Yazdi.
• In a closely contested match, Yasin secured a 3-1 win, ending Sunil’s hopes of competing for the gold medal.

Nitesh won India’s second medal at the Asian Wrestling Championships 2025 in Amman, Jordan, with a bronze in the Greco-Roman 97kg weight division on Wednesday (26 March 2025).

• The 22-year-old Nitesh defeated Kazakhstan’s Ilyas Guchigov 9-0 via technical superiority (VSU) in his opening match of the day.
• Nilesh lost to reigning Olympic champion Mohammad Hadi Saravi of the Islamic Republic of Iran with the same scoreline in the semi-finals.
• The loss put Nitesh in the bronze medal match, where he defeated Amanberdi Agamammedov of Turkmenistan 9-0 (VSU) for India’s second medal at the ongoing competition.

Actor Manoj Bharathiraja, son of veteran Tamil cinema director Bharathiraja, died of a cardiac arrest on Tuesday( 25 March 2025). He was 48 years old.

• Manoj debuted as a lead actor in the Tamil film Taj Mahal directed by his father and later starred in Eera Nilam, and Varushamellam Vasantham.
• Manoj debuted as a director with Margazhi Thingal, a romantic drama featuring his father, Bharathiraja.
• He was last seen in Prime Video's Snakes & Ladders.
• Tamil Nadu Chief Minister M K Stalin, music director Ilaiyaraaja, actor-politician Khushbu Sundar, and director Venkat Prabhu condoled Manoj's demise.

India will conduct its first major naval exercise, AIKEYME (Africa-India key maritime engagement), with 10 African nations next month. This initiative is part of India’s ongoing military outreach to the continent, where China has made significant strategic inroads.

• The inaugural edition of AIKEYME will be co-hosted by the Indian Navy and the Tanzania People’s Defence Force (TPDF) and is scheduled to take place off Dar es Salaam, Tanzania, in mid-April 2025.
• The exercise will be formally inaugurated by India’s Defence Minister Rajnath Singh.
• The exercise will see participation from India, Tanzania, Comoros, Djibouti, Eritrea, Kenya, Madagascar, Mauritius, Mozambique, Seychelles, and South Africa.
• The initiative aims to become a biennial event.

India’s indigenous Magnetic Resonance Imaging (MRI) scanner is under development, and is expected to be placed in the All India Institute of Medical Sciences (AIIMS) in Delhi by October of 2025. With this initiative, the aim is to lower the cost of MRI scans by close to 50% so that patients all over the country can have improved access.

• AIIMS Delhi has signed a Memorandum of Understanding (MoU) with Society for Applied Microwave Electronics Engineering and Research (SAMEER) under the MeitY.
• SAMEER is responsible for the installation and clinical evaluation of 1.5 Tesla MRI scanner and has developed an MRI scanner along with 6 MEV Linear Accelerators used for cancer treatment.
• SAMEER and the projects aim to strengthen the innovation of medical technology within the country. 

The Finance Ministry has announced that, effective March 26, 2025, the Gold Monetisation Scheme (GMS) for medium-term and long-term deposits will be discontinued.

• The decision is based on evolving market conditions and the performance of the scheme, the ministry stated in an official release.
• The Gold Monetisation Scheme (GMS) was relaunched in November 2015, around the same time as Sovereign Gold Bonds (SGB), to financialise gold as an asset class.
• While SGBs allowed investors to buy "paper gold", GMS was a gold deposit scheme, enabling individuals to store or sell their gold to banks.