Quick Summary
In a major step towards tax reforms, Union Finance Minister Nirmala Sitharaman announced that the government has received more than 60,000 inputs from citizens for the upcoming Income Tax Bill, 2025. Speaking at a post-Budget event, she emphasized that the review of the Income-Tax Act, 1961, is deeply rooted in Prime Minister Narendra Modi's principle of 'Jan Bhagidari' (public participation). Aiming for Simplification and Transparency The Finance Minister introduced the new Income Tax Bill,
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FAQ :
The government has received over 60,000 suggestions from citizens for the Income Tax Bill, 2025.
The bill aims to streamline tax provisions, make them more comprehensible, and reduce legal disputes, fostering ease of compliance.
The government's post-pandemic strategy continues to focus on capital investment, with an increased allocation for capital expenditure.
The Budget for 2025-26 projects an effective capital expenditure of Rs 19.08 lakh crore, which is 4.3% of GDP.
Individuals earning up to Rs 12 lakh per annum are expected to receive tax relief.
The government is committed to reforms that boost manufacturing, improve Ease of Doing Business, strengthen social infrastructure, and foster new investment opportunities in sectors like space and nuclear energy.
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