Divya Delhi: UPS subscribers receive tax savings under the new bill. The measure allows UPS members under the National Pension System (NPS) to receive up to 60% of their pension corpus tax-free upon retirement, whether due to normal, voluntary, or early retirement.The Lok Sabha enacted the updated Income Tax (No.2) Bill on making major changes from the draft. A measure introduced by Finance Minister Nirmala Sitharaman will now go to the Rajya Sabha for discussion and become law following the President's assent.The revised revisions clarify, reduce uncertainty, and better connect many clauses with the Income-tax Act, 1961, especially for The new Income Tax bill allows refund claims for late returns and cuts the TDS correction statement filing timeframe from six years to two years. The bill will take effect next fiscal year.The Income Tax Act, 1961 has 5.12 lakh words, while the Bill has 2.59 lakh. Chapters have been cut to 23 from 47, and sections to 536 from 819.