Government Receives Over 60,000 Citizen Inputs for New Income Tax Bill: FM
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Synopsis
On February 17, Finance Minister Nirmala Sitharaman announced that the government collected over 60,000 inputs from citizens for the new Income Tax Bill, 2025, emphasizing ongoing reforms and fiscal responsibility.
Key Takeaways
- Over 60,000 citizen inputs for the new Income Tax Bill
- Review aligns with 'Jan Bhagidari' principle
- Focus on capital expenditure post-COVID-19
- Relief for taxpayers earning up to Rs 12 lakh
- Effective capital expenditure projected at Rs 19.08 lakh crore
Mumbai, Feb 17 (NationPress) The government has received over 60,000 inputs from citizens concerning the formulation of the new Income Tax Bill, 2025, as stated by Union Finance Minister Nirmala Sitharaman on Monday.
During a post-Budget event, the Finance Minister highlighted that the review of the Income-Tax Act, 1961 aligns closely with Prime Minister Narendra Modi’s principle of 'Jan Bhagidari'.
She noted, "The government's focus post-Covid-19 pandemic is to allocate funds for public expenditure in capital development. The notion that we are shifting our focus from expenditure to consumption is incorrect. Capital expenditure (Capex) has increased, and at the same time, we have provided relief in Personal Income Tax," she explained.
Last week, she presented the new Income Tax Bill, 2025 in the Lok Sabha, which is part of the tax reforms aimed at simplifying and clarifying regulations to make them more comprehensible and reduce legal disputes.
The Finance Minister expressed gratitude towards PM Modi for being considerate in offering relief to taxpayers with earnings up to Rs 12 lakh per year.
She reaffirmed, "We are dedicated to maintaining the fiscal deficit trajectory established in the July Budget, aiming for a figure below 4.5 percent."
Efforts to enhance manufacturing, improve the Ease of Doing Business, and initiatives for advancing social infrastructure are all part of the government's agenda.
She added, "We will not halt these efforts. The momentum of reforms will persist, and we are exploring new sectors, which is why we have observed investments in the space and nuclear industries over the past two years."
She also anticipated that state governments would take initiatives to foster the Ease of Business.
The Budget did not decrease sectoral allocations, and the projected effective capital expenditure for the upcoming fiscal year is estimated at Rs 19.08 lakh crore, according to FM Sitharaman.
She stated that the effective capital expenditure is expected to be 4.3 percent of GDP in the Budget for 2025-26, while the fiscal deficit stands at 4.4 percent.
