Lok Sabha Passes Finance Bill, Officials Can Track Digital Assets, Crypto, and Encrypted Chats for Tax

Report by The Newsage Pune.

Invasion of Privacy Normalized for Payment of Tax by Lok Sabha

Lok Sabha passed the Finance Bill with 35 amendments to simplify taxation and improve compliance. New Income Tax Bill (2025) will replace the 1961 Act.

This is expected to be implemented in the monsoon session with global standards and a shorter framework. Authorities can track encrypted messages, cloud storage, and digital assets like cryptocurrency. Whatsapp, Google Maps, and social media will aid tax investigation.

The new tax system aims to be simpler for both- the government and the taxpayers. The Lok Sabha recently passed a new finance bill with 35 amendments that states that, private information of citizens can now be accessed by the authorities in order to enforce compliance on behalf of taxpayers. This initiative will be confirmed in the monsoon session.

Online ad levy removed, causing a ₹1 lakh crore less, but tax revenue expected to grow 13.14% by 2025-26. Custom duties have been streamlined. EV battery and mobile manufacturing get exemptions. The new tax system aims to be simpler and more efficient.