An India-France statement released Wednesday confirms progress has been made towards a deal to manufacture three more French-designed Scorpene-class ‘hunter-killer’ submarines in Mumbai.

India already operates six submarines of this type; the most recent of which, INS Vagsheer, was one of three advanced attack vessels commissioned by Prime Minister Narendra Modi last month.

News of progress in the deal to buy three more Scorpene subs – at a reported cost of Rs 36,000 crore but with nearly 60 per cent ‘Made-in-India’ tech, which is higher than that incorporated in the first six – came after talks between Mr Modi and France’s Emmanuel Macron.

Mr Modi was in France for a two-day visit ahead of his trip to the United States for a first meeting with President Donald Trump since the Republican won the November 2024 election.

In France, both leaders welcomed the ongoing cooperation of their militaries – in accordance with last year’s ambitious Defence Industrial Roadmap – and commended the collaboration that has seen the successful construction of the six Scorpene submarines built in India.

This success, it was noted, includes the addition of technology developed in India and, in particular, the integration of the Air Independent Propulsion, or AIP, system, developed by the Defence Research and Development Organisation, or DRDO, into the P75 submarines project.

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AIP is a technology that allows these conventional diesel-electric submarines – which is what the Scorpene-class vessels are – to stay underwater for longer periods. The DRDO-developed technology means the submarines have reduced vulnerability to detection while on a mission.

Mr Modi and Mr Macron also noted analyses conducted regarding possible integration of the Integrated Combat System, or ICS, into future submarines built under this project umbrella.

Both sides also welcomed ongoing discussions related to missiles and helicopter and jet engines, and Mr Modi also invited France to take a closer look at the Pinaka Multi-Barrel Rocket Launcher, saying its purchase would be another milestone in Indo-French defence ties.

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In November last year India completed a successful flight-test of the system, which confirmed its impressive range, accuracy, and rate of fire in dealing with multiple targets.

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India, meanwhile, is also working on two ‘Made-in-India’ nuclear attack submarines, or SSN. In December Navy Chief Admiral Dinesh Tripathi said the first is expected to be commissioned by 2037.

Further, India is also expected to procure 26 more Rafale fighter jets – the Navy variant, or the Rafale-M – from the French. Plans to purchase these were cleared by the Defence Ministry in July last year. These will be mainly deployed on the indigenously built aircraft carrier INS Vikrant.

Prime Minister Modi’s visit to France has seen a positive review of progress in multiple areas of collaboration, including defence, space, civil nuclear cooperation, health and people-to-people ties.

With input from agencies

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The simplified Income Tax Bill 2025, which brings in the concept of ‘tax year’ and abolishes the archaic and complicated terms ‘previous’ and ‘assessment years’, is likely to be introduced in Parliament on Thursday.

The Bill comprises 536 sections, 23 chapters and 16 schedules in just 622 pages. It does not bring in any new taxes, but only simplifies the language of the existing Income Tax Act, 1961.

The six-decade old legislation has 298 sections and 14 schedules. It had 880 pages when the Act was introduced.

The new Bill seeks to replace the Income Tax Act, 1961 which has become too voluminous due to the amendments made over the last 60 years. The new law is expected to come into effect from April 1, 2026.

The new bill has omitted redundant sections, like those relating to Fringe Benefit Tax. The Bill is free from ‘explanations or provisos’, thereby making it easier to read and comprehend.

Also, the word ‘notwithstanding’, which was used excessively in the Income Tax Act, 1961, has been done away with in the new Bill and almost everywhere replaced with the term ‘irrespective’.

The Bill uses shorter sentences and has been made reader friendly with the use of tables and formulae. Tables have been provided for provisions relating to TDS, presumptive taxation, salaries, and deductions for bad debt .

The ‘Taxpayer’s Charter’ has been included in the Bill which outlines the rights and obligations of the taxpayers.

The Bill replaces the term ‘previous year’ as mentioned in the Income Tax Act, 1961 with ‘tax year’. Also, the concept of assessment year has been done away with. Currently, for income earned in the previous year (say 2023-24), tax is paid in assessment year (say 2024-25). This previous year and assessment year (AY) concept has been removed and only tax year under the simplified bill has been brought in.

Once introduced in the Lok Sabha likely on Thursday, the Bill will be sent to the Parliamentary Standing Committee on Finance for further deliberations.

The Statement of Objects and Reasons of the new I-T Bill said that the Income-tax Act passed in 1961 has been subjected to numerous amendments since its passage 60 years ago.

“As a result of these amendments the basic structure of the Income-tax Act has been overburdened and language has become complex, increasing cost of compliance for taxpayers and hampering efficiency of direct-tax administration,” it said.

Tax administrators, practitioners and taxpayers had also raised concerns about the complicated provisions and structure of the Income-tax Act.

Therefore, the government in the budget in July 2024 announced that a time-bound comprehensive review of the Income-tax Act, 1961 would be undertaken to make the Act concise, lucid, easy to read and understand. Accordingly, the Income-tax Bill, 2025 has been prepared, which proposes to repeal and replace the Income-tax Act, 1961.

The Income Tax Bill, 2025 comprises 536 sections, higher than 298 sections of the current Income-Tax Act, 1961. The existing law has 14 schedules which will increase to 16 in the new legislation.

However, the number of chapters have been retained at 23. The number of pages has been reduced substantially to 622, almost half of the current voluminous Act which includes amendments made over the last six decades.

When the Income Tax Act, 1961, was brought in, it had 880 pages.

As per the proposed law, clearer tax treatment on employees’ stock options (ESOPs) have been included for reduced tax disputes and it includes judicial pronouncements of the last 60 years for more clarity.

Also, income not forming part of total income have now been moved to schedules to simplify the statute.

Commenting on the Bill, Nangia Andersen LLP M&A Tax Partner Sandeep Jhunjhunwala said in the new bill all TDS related sections have been brought together under a single clause with simple tables, for ease of understanding.

“This would mean post notification of this bill later, a lot of changes would be required in forms and utilities, for reporting purposes,” he said.

Finance Minister Nirmala Sitharaman had announced in Budget 2025-26 that the new tax bill will be introduced during the ongoing session of Parliament.

Sitharaman had first announced a comprehensive review of the Income-tax Act, 1961 in July 2024 Budget.

The CBDT had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigations, and provide greater tax certainty to taxpayers. Also, 22 specialised sub-committees have been established to review the various aspects of the Income Tax Act.

Public inputs and suggestions were invited in four categories: simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions.

The income tax department has received 6,500 suggestions from stakeholders on review of the Income Tax Act. 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

The US defence secretary also says he does not see Ukraine joining Nato in the future. 

​The US defence secretary also says he does not see Ukraine joining Nato in the future.