Nirmala Sitharaman

February 17, 2025 6:39 PM

Govt received over 60,000 inputs from citizens on new Income Tax Bill: FM

The government received more than 60,000 inputs from citizens regarding 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 significant component of Prime Minister Narendra Modi’s principle of 'Jan Bhagidari.' "The government's emphasis post-Covid-19 pandemic has been to allocate funds for public expenditure in capital building. The perception that...

February 13, 2025 4:24 PM

Sitharaman tables new Income Tax bill in Lok Sabha, virtual assets like crypto defined under income from other sources

Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill, 2025, in the Lok Sabha on Thursday as part of tax reforms aimed at streamlining and simplifying provisions to make them easier to understand and reduce the scope for legal disputes. The legislation will replace the Income Tax Act, 1961, which has undergone extensive modifications over the past six decades. The bill will be sent to the Select Committee of Parliament before being presented for final approval. The new law is ...

February 10, 2025 2:02 PM

New Income Tax Bill to raise transparency in tax laws, say experts

The government is preparing to introduce a new Income Tax Bill aimed at simplifying tax laws and improving compliance. The bill is expected to use clear language to help taxpayers understand their obligations and rights. Union Finance Minister Nirmala Sitharaman is set to present the bill this week, after which it will be referred to the Parliament’s Standing Committee on Finance for review. The proposed changes align with the government's approach of placing trust in taxpayers before initiat...

February 10, 2025 9:57 AM

Parliament Budget Session to resume today

The Budget Session of Parliament will reconvene on Monday, with both the Lok Sabha and Rajya Sabha set to meet. The session will continue discussions on the Union Budget for 2025, along with other significant matters. One of the key highlights of the session will be the introduction of the new Income Tax Bill, which received approval from the Union Cabinet on Friday. The Bill aims to simplify India’s direct tax laws without imposing any new tax burdens. Instead, it seeks to streamline existi...

February 1, 2025 4:13 PM

Old vs New Tax Regime: What has changed for the middle class in budget 2025-26

In a major move to ease the tax burden on middle-class taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced fresh tax slabs under the new tax regime in the Union Budget 2025-26. The new tax slabs aim to provide relief to individuals earning up to Rs 12 lakh annually, with the exemption limit set at Rs 12.75 lakh for salaried individuals (including standard deductions). Finance Minister Sitharaman said that after the changes made under the new tax regime, there will be a saving ...

February 1, 2025 3:16 PM

Union Budget 2025: FM Sitharaman announces duty revisions, goods to get cheaper and costlier

Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2025-26, introduced a series of adjustments to basic customs duties (BCD) aimed at supporting domestic manufacturing, boosting exports, and easing costs for critical goods. The changes are expected to influence the prices of various products, with some becoming cheaper while others see price hikes. Relief for Patients To provide relief for patients with cancer, rare diseases, and other severe chronic conditions, the gover...

February 1, 2025 2:26 PM

Union Budget 2025-26: FM Sitharaman unveils modified UDAN scheme, boosts regional connectivity

In her presentation of the Union Budget 2025-26, Finance Minister Nirmala Sitharaman announced a significant push toward enhancing regional connectivity with the launch of a Modified UDAN scheme. The initiative will bring 120 new destinations into the network and facilitate travel for an additional 4 crore passengers over the next decade. The scheme prioritizes the development of helipads and smaller airports in hilly, aspirational, and northeastern districts to improve access to remote regions...

February 1, 2025 1:56 PM

Next five years a unique opportunity for ‘sabka vikas’: FM Sitharaman

Union Finance Minister Nirmala Sitharaman, presenting the Union Budget 2025, highlighted the government's vision for the next five years as a transformative period to realize "Sabka Vikas" and foster balanced regional growth. Addressing the Lok Sabha, Sitharaman emphasized India's robust economic progress and global recognition over the past decade. "Our economy is the fastest growing among all major economies. Structural reforms and our development track record over the last 10 years have draw...

February 1, 2025 1:22 PM

Budget 2025: FM proposes ID cards for gig workers, UPI-linked credit cards for street vendors

Finance Minister Nirmala Sitharaman, during her Budget 2025 presentation, announced a range of initiatives aimed at empowering gig workers and street vendors, signaling a continued push toward inclusive development. In a landmark move, the government will issue ID cards to gig workers, granting them access to healthcare and other social security benefits through a newly proposed welfare scheme. The initiative aims to support urban and online platform workers by providing identity cards and faci...

February 1, 2025 12:41 PM

Budget 2025-26: FM Sitharaman announces measures to make India a global toy hub

Union Finance Minister Nirmala Sitharaman, presenting the eighth consecutive Budget of the NDA government, outlined a blueprint for a 'Viksit Bharat' and made key announcements focused primarily on four segments — women, youth, farmers, and the poor. The Finance Minister announced the implementation of schemes to facilitate and scale up toy manufacturing, thereby giving a boost to the 'Make in India' campaign. She also revealed plans to establish a toy manufacturing ecosystem and clusters ai...