joins
“July 2025 brought significant changes to India's financial sector, with key regulators introducing new rules and frameworks to strengthen market oversight, boost digital payment systems, and improv...
The Lok Sabha recently passed the Income-tax (No. 2) Bill, 2025 (“Bill”) on August 11, 2025 during its Monsoon Session pursuant to the recommendations of the Select Committee Report. This follows the announcement of the Finance Minister in her 2024 budget speech to undertake a comprehensive review of the Income-tax Act, 1961 (“Act”) to make the legislation more ‘concise, lucid, easy to read and understand’. Although the Bill has adhered to the tight timeline set out by the Finance Minister, it has received specific attention in understanding powers of the tax authorities and taxpayer’s right to privacy by introducing the concept of ‘virtual digital space’ under its search and seizure provisions.
CMS INDUSLAW’s Lokesh Shah, Shreya Suri, Abhijit Chakrabarti, and Namrata Rawat aim to highlight the powers of tax authorities, and corresponding tax and privacy implications vis-à-vis the introduction of ‘virtual digital space’ under the search and seizure provisions of the Bill.
