New Delhi, Feb 1 (IANS) In a major announcement, Finance Minister Nirmala Sitharaman on Saturday said the government will introduce a new Income Tax Bill next week.
The new Income Tax Code will be announced next week, and the I-T Department will “trust first, scrutinise later”, the Finance Minister said while presenting the Budget 2025-26.
The Finance Minister also announced that the FDI limit for the insurance sector will be raised to 100 per cent and the enhanced limit for the insurance sector is to be applicable to those that invest entire premium in the country.
The government has, in the past, introduced faceless assessment, faster tax returns and five ‘Vivad Se Vishwas’ schemes.
FM Sitharaman said during her Budget speech that speedy approvals for company mergers will be ensured and the scope of such norms to be expanded.
“The government has shown steadfast commitment to ease of doing business and we will develop modern, people friendly, trust-based regulatory framework,” the Finance Minister mentioned.
The ‘Export Promotion Mission’ with sectorial and ministerial targets has also been launched.
“Digital public infrastructure for international trade will be set up for financing solutions and support will be provided for domestic manufacturing to join global supply chains,” said the Finance Minister.
Jan Vishwas Bill 2.0 will be introduced to decriminalise over 100 provisions and an investment-friendly index of states will also be launched this year.
The Budget Session of Parliament, which commenced on Friday, will be conducted in two phases – the first started on January 31 and will conclude on February 13, while the second phase will begin on March 10 and end on April 4.
–IANS
na/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
