Government to unveil new Income Tax Bill next week
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Synopsis
In a notable announcement, Finance Minister Nirmala Sitharaman revealed that a new Income Tax Bill will be introduced next week, aiming to enhance ease of doing business and regulatory framework.
Key Takeaways
- New Income Tax Bill to be introduced next week.
- FDI limit in insurance sector raised to 100%.
- Focus on trust-based regulatory framework.
- Digital infrastructure for international trade to be developed.
- Jan Vishwas Bill 2.0 to decriminalize over 100 provisions.
New Delhi, Feb 1 (NationPress) In a significant revelation, Finance Minister Nirmala Sitharaman announced that the government plans to unveil a new Income Tax Bill next week.
The upcoming Income Tax Code will be disclosed next week, with the I-T Department adopting a policy of "trust first, scrutinise later", as stated by the Finance Minister during the presentation of the Budget for 2025-26.
Additionally, the Finance Minister revealed that the FDI limit for the insurance sector will be increased to 100 percent, applicable to entities investing the entire premium within the country.
The government has previously implemented faceless assessments, expedited tax returns, and five ‘Vivad Se Vishwas’ schemes.
FM Sitharaman emphasized in her Budget address that there will be prompt approvals for company mergers, with an expansion of the relevant regulations.
"The government remains committed to enhancing the ease of doing business, and we are set to create a modern, user-centric, trust-oriented regulatory framework," stated the Finance Minister.
The newly launched ‘Export Promotion Mission’ will have specific sectoral and ministerial objectives.
She noted, "Digital public infrastructure for international trade will be established for financing solutions, along with support for domestic manufacturing to integrate into global supply chains."
The Jan Vishwas Bill 2.0 is set to be introduced to decriminalize over 100 provisions, alongside the launch of an investment-friendly index of states within this year.
The Parliament's Budget Session, which commenced on Friday, will occur in two segments - the first phase, starting January 31 and concluding on February 13, and the second phase, which will commence on March 10 and end on April 4.
