Centre to introduce new Income Tax Bill next week

New Delhi:  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