Union finance minister Nirmala Sitharaman, while presenting the Budget 2025 on Saturday and announcing changes in taxation, said that reforms are not a destination but a means to achieve good governance for the people and the economy.
“Our government is committed to keeping an ear to the ground and a finger on the pulse, responding while balancing our nation-building efforts,” she said.
Sitharaman said that the new income-tax bill will focus on simplicity, clarity, and reduced litigation. It aims to streamline the existing law by eliminating unnecessary chapters and words, making it easier for both taxpayers and administrators to understand, she added.
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“I have briefly underlined taxation reforms as one of the key reforms to realise our vision of Viksit Bharat. Regarding criminal law, our government had earlier introduced the Bharatiya Nyaya Sanhita, replacing the Bharatiya Danda Sanhita. I am happy to inform this August House and the country that the new income-tax bill will carry forward the same spirit of Nyaya,” she said.
The finance minister said that new bill will be clear and concise, reducing the current law by nearly half in terms of both chapters and words.
{{/usCountry}}The finance minister said that new bill will be clear and concise, reducing the current law by nearly half in terms of both chapters and words.
{{/usCountry}}“It will be simple for taxpayers and tax administration to understand, ensuring tax certainty and reduced litigation,” she added.
Meanwhile, Prime Minister Narendra Modi reacted to the Union Budget presented by finance minister Nirmala Sitharaman in Parliament today, saying the document is a milestone in India's development journey.
“Today is an important milestone in India's development journey. This is the budget of aspirations of 140 crore Indians. This is a budget that fulfils the dreams of every Indian. We have opened many sectors for the youth. The common citizen is going to drive the mission of Viksit Bharat,” he said in a video statement.
Nirmala Sitharaman today increased the income tax exemption limit up to ₹12 lakh.