Government to Introduce New Income Tax Bill Next Week

​​​​​​​The new Income Tax Code will be announced, and the I-T Department will adopt a "trust first, scrutinize later" approach, the Finance Minister stated while presenting the Budget for 2025-26.

In a major announcement, Finance Minister Nirmala Sitharaman on Saturday said that the government will introduce a new Income Tax Bill next week.

The new Income Tax Code will be announced, and the I-T Department will adopt a "trust first, scrutinize later" approach, the Finance Minister stated while presenting the Budget for 2025-26.

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The Finance Minister also announced that the FDI limit for the insurance sector will be raised to 100 percent. The enhanced limit will apply to insurers that invest the entire premium within the country.

In the past, the government has introduced faceless assessments, faster tax returns, and five Vivad Se Vishwas schemes.

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During her Budget speech, FM Sitharaman said that speedy approvals for company mergers will be ensured and that the scope of such regulations will be expanded.

"The government has shown a steadfast commitment to ease of doing business, and we will develop a modern, people-friendly, trust-based regulatory framework," the Finance Minister stated.

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The Export Promotion Mission, with sectoral and ministerial targets, has also been launched.

"Digital public infrastructure for international trade will be established to provide financing solutions and support domestic manufacturing in joining global supply chains," the Finance Minister said.

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Additionally, the Jan Vishwas Bill 2.0 will be introduced to decriminalize over 100 provisions, and an investment-friendly index of states will also be released this year.

The Budget Session of Parliament, which began on Friday, will take place in two phases. The first phase began on January 31 and will end on February 13, while the second phase will start on March 10 and conclude on April 4.

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Read also| New Tax Regime: No Tax for Individuals Earning Up to ₹12 Lakh Annually, Says FM

Read also| FM Announces Budget FY26 to Drive Reforms in Six Key Areas

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