Finance Minister Nirmala Sitharaman announced that no income tax will be levied till ₹12 lakh income under the new tax regime. The government also proposed changes in income tax slabs and rates across the board.
She said the new and “simpler” income tax bill will be introduced next week. The government will introduce a new Income Tax bill next week to take forward the "trust first, scrutinise later" concept, Sitharaman said. She also mentioned the government will also come out with taxpayers' charter, faster returns process and almost 99 per cent of the income returns being on self-assessment.
She also announced that the Foreign Direct Investment (FDI) in the insurance sector will be increased to 100 per cent from 74 per cent.
THE WEEK brings to you all latest updates of the Union Budget 2025 here: