Mumbai, Feb 17: The government received more than 60,000 inputs from the citizens towards the making of the new Income Tax Bill, 2025, Union Finance Minister Nirmala Sitharaman said on Monday. Addressing a post-Budget event here, the Finance Minister said the review of the Income-Tax Act, 1961 has a big component of Prime Minister Narendra Modi’s principle of ‘Jan Bhagidari’. “The government’s emphasis post-Covid-19 pandemic has been to put money for public expenditure in capital building continues.
The perception of the focus shifting from expenditure to consumption is not right. Capex has been enhanced and simultaneously, we’ve given relief in the Personal Income Tax,” she said. She introduced the new Income Tax Bill, 2025, in the Lok Sabha last week, as part of the tax reforms to streamline and simplify the provisions so that they are easier to understand and reduce the scope for legal disputes. The Finance Minister also thanked PM Modi for being considerate in giving relief to the taxpayers earning up to Rs 12 lakh per annum. “We are committed to fiscal deficit path set in July Budget, aiming below 4.5 per cent,” she mentioned. Reforms towards boosting manufacturing, Ease of Doing business and steps for the betterment of social infrastructure are all being kept in place.