Finance minister Nirmala Sitharaman told Parliament on Monday that the central government is not considering any proposal for a complete loan waiver for farmers. Responding to another query in the Lok Sabha, she spoke about tax exemptions on disability pensions received by armed forces personnel. She said the exemption continued under the Income-tax Act, 1961, through repeal and savings provisions. "With the enactment of the Income-tax Act, 2025, the earlier enactments pertaining to the Income-tax Act, 1922, and related savings provisions ceased to operate. She said the provisions under the Income-tax Act, 2025, are meant to continue the earlier legal position, so a grandfathering clause is not required.

Source: The Telegraph March 23, 2026 10:17 UTC