Govt Receives Over 60,000 Citizen Inputs for New Income Tax Bill: FM

By siliconindia  |  Monday, 17 February 2025, 05:35:39 PM IST

Govt Receives Over 60,000 Citizen Inputs for New Income Tax Bill: FM
Union Finance Minister Nirmala Sitharaman declared that over 60,000 inputs were received from the public for the upcoming Income Tax Bill, 2025, aimed at restructuring the existing taxation system. While speaking at a post-Budget event, Sitharaman emphasized that revising the Income Tax Act, 1961, is as per Prime Minister Narendra Modi's principle of 'Jan Bhagidari' (people's participation).
The Finance Minister emphasized that the government's focus, particularly post-Covid-19, remains on public expenditure for capital building rather than consumption. She dismissed perceptions that the government’s focus was shifting from capital expenditure (Capex) to consumption. "Capex has been enhanced, and we’ve also provided relief in Personal Income Tax", Sitharaman said.
The Finance Minister recently proposed the new Income Tax Bill in the Lok Sabha, which would make tax provisions simpler and fewer legal disputes. As a part of the tax reforms, Sitharaman appreciated PM Modi for giving relief to taxpayers with income up to Rs 12 lakh annually. She reiterated the government's determination towards the fiscal deficit target in the July Budget and keeping it at less than 4.5%.
Sitharaman also talked about continuing reforms to drive manufacturing growth, Ease of Doing Business, and social infrastructure development. "We will not rest on it. The reform momentum shall continue", she stated, saying that investment is coming into new areas like space and nuclear power.
The Finance Minister also detailed that the Budget had not cut sectoral allocations, with an effective capital spending for the upcoming fiscal at Rs 19.08 lakh crore, or 4.3% of the GDP. The fiscal deficit for 2025-26 is set at 4.4%. Sitharaman called upon state governments to become a part of the efforts in Ease of Business in the country.

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