Tax Reforms News - Latest Updates & Headlines
FM Sitharaman introduces new Income Tax Bill in Lok Sabha
New Delhi, Feb 13: Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill, 2025, in the Lok Sabha on Thursday 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.
Modi govt's policies uplifted economic standards, strengthened public trust: Sonowal
Agartala, Feb 12: Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, on Wednesday, said that the policies and programs implemented under the leadership of Prime Minister Narendra Modi have significantly improved the socio-economic conditions of the people, further strengthening their trust in the government.
New Income Tax bill likely to be introduced in Lok Sabha on Thursday
New Delhi, February 11: The new Income Tax Bill will be introduced in the Lok Sabha on Thursday, sources said.
Average tax under GST dips from 15.8 % to 11.3 %: Nirmala Sitharaman in Rajya Sabha
New Delhi, February 11: Finance Minister Nirmala Sitharaman on Tuesday informed the Rajya Sabha that indirect tax under the Goods and Services Tax (GST) has significantly reduced over the years since its implementation.
New Income Tax Bill to raise transparency in tax laws, say experts
New Delhi, Feb 10: The new Income Tax Bill is contemplated to raise the level of transparency in tax laws by adopting clear and unambiguous language in tax provisions which allows the taxpayers to easily understand their obligations and rights, industry experts said on Monday.
Focus on fiscal consolidation, growth supports India's credit profile: CareEdge Global
New Delhi, February 9: The Union Budget for 2025-26, presented on February 1, reinforces credibility in India's fiscal consolidation roadmap while emphasizing boosting the economy's overall growth potential, CareEdge Global Ratings said in a report.
Tax reforms are key feature of Budget 2025-26: Tuhin Kanta Pandey
New Delhi, Feb 4: Tax reforms are a key feature of the Union Budget, as it has an impact on what the rest of the economy does and for the first time have been included in Part-A of the budget, Finance Secretary Tuhin Kanta Pandey said on Tuesday.
India's Fiscal and Monetary Policies shift towards supporting economic growth: Morgan Stanley
New Delhi, February 4: India's fiscal and monetary policies are now focusing more on supporting economic growth, aligning with expectations of a cyclical recovery, according to a report by Morgan Stanley.
Budget 2025 prioritises non-inflationary growth: Finance secretary
New Delhi, February 3: Budget 2025 prioritises non-inflationary growth through careful fiscal management, with the government's entire borrowing of Rs 15.68 lakh crores channelled exclusively into capital expenditure, Finance Secretary and Secretary, Department of Revenue, Tuhin Kanta Pandey told industry leaders Monday.
'Opposition criticism expected,': Union Minister Jitan Ram Majhi describes budget as 'balanced'
New Delhi, February 3: Union Minister Jitan Ram Majhi on Monday, defended the Union Budget 2025-26, stating that the criticisms from the Opposition are expected as they view it as their duty.
First step towards achievement of 'Viksit Bharat': West Bengal Governor hails Union Budget 2025
Kolkata, February 3: West Bengal Governor CV Ananda Bose applauded the Union Budget 2025 saying that it is a balanced budget and first step towards the achievement of (developed India) 'Viksit Bharat'.
Push for lower, middle-income households in Budget to roll private investment cycle: HDFC Bank
New Delhi, February 2: The Union Budget 2025's focus on supporting lower and middle-income households could help revive private investment in the economy, according to a report by HDFC Bank.
Noida entrepreneurs hail Union Budget 2025, highlight growth-boosting measures
Noida, Feb 1: As Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025, it was met with praise from entrepreneurs in Noida, particularly for the tax relief and initiatives aimed at fostering business growth. One key announcement was the removal of income tax for individuals earning up to Rs 12 lakh annually.
Budget reaffirms India as innovation, knowledge-centric economy: SBI Chairman
New Delhi, Feb 1: The Union Budget 2025-26 reaffirms India as an innovation and knowledge-centric economy with a slew of reforms across agriculture, MSME, export centricity, education and healthcare, and balancing skills and AI, SBI Chairman C.S. Setty said on Saturday.
Budget has put railways on expansion track: Ashwini Vaishnaw
New Delhi, Feb 1: Welcoming an allocation of Rs 2.52 lakh crore for expansion of the railways, Union Minister Ashwini Vaishnaw on Saturday described Budget 2025-26 as ‘balanced’ and pro-middle class due to the new income tax exemption limit of Rs 12 lakh.
One crore people will benefit from revised slabs, pay no tax: FM Sitharaman
New Delhi, Feb 1: Union Finance Minister Nirmala Sitharaman, in her first post-Budget press conference, said that the revision in tax slabs as announced in the Union Budget 2025-26 will leave 'enough money in the hands' of taxpayers, adding that about 1 crore taxpayers will be directly benefitted from the extended rebates and exemptions, under the New Tax regime.
Pragmatic Budget with reform blueprint places confidence in middle class: Industry chambers
New Delhi, Feb 1: The Union Budget 2025-26 provides a strong and convincing template for boosting growth and generating jobs, the twin imperatives for our economy today, with targeted interventions towards facilitating inclusive development, top industry chambers said on Saturday.
Budget 2025 is foundation stone for achieving steps to fulfil vision of Viksit Bharat: UP CM Yogi Adityanath
Prayagraj, February 1: Uttar Pradesh Chief Minister Yogi Adityanath lauded the Union Budget presentation by Finance Minister Nirmala Sitharaman, stating that the Prime Minister has categorised the budget into four parts, poor, youth, farmers and women and the budget lays the foundation for achieving the steps needed to fulfil the vision of "Viksit Bharat" (Developed India).
Union budget provides balanced approach for long-term growth: Sajjan Bhajanka
New Delhi, Feb 1: Sajjan Bhajanka, Founder and Chairman of Century Plyboards Limited, praised the Union Budget 2025 for being a balanced approach that significantly benefits the middle class.
Union Budget will change the face of rural India, encourage citizen-centric investment: Fadnavis
Mumbai, Feb 1: Maharashtra Chief Minister Devendra Fadnavis said on Saturday that Finance Minister Nirmala Sitharaman presented a dream budget for the middle class in the country and gave a huge relief to them by making income up to Rs 12 lakh tax-free.
PM Modi calls Union Budget 2025 force multiplier for India's growth
New Delhi, February 1: Prime Minister Narendra Modi on Saturday hailed the Union Budget 2025 as a "Force Multiplier" for India's development journey, describing it as a "budget of aspirations" for 140 crore Indians. He emphasized that this budget would fulfill the dreams of the people, with a strong focus on opening up several sectors for the youth.
A dream budget for middle Class: Maharashtra CM Devendra Fadnavis applauds Union Budget
Mumbai, February 1: Maharashtra Chief Minister Devendra Fadnavis has hailed the Union Budget 2025 presented by Finance Minister Nirmala Sitharaman on Saturday, as a "dream budget," especially for the middle class.
Budget is for Viksit Bharat, PM's resolve to fulfil dream of energetic India, says Union Minister Scindia on Budget 2025
New Delhi, February 1: Reacting to Union Budget 2025 presented in the Lok Sabha on Saturday, Union Minister Jyotiraditya Scindia said that the Budget is for the Viksit Bharat and for Prime Minister Narendra Modi's resolve to fulfill the dream of a new and energetic India.
Hiked Capex, fiscal consolidation and demand push expected from Union Budget 2025-26
New Delhi, February 1: The Union Budget 2025-26 is set to be presented on Saturday, anticipating to strike a balance between economic growth and fiscal prudence while addressing the expectations of taxpayers, businesses, and key industries.
Salaried class likely to get some relief from Finance Minister Nirmala Sitharaman in Union Budget 2025-26
New Delhi, January 27: The salaried class can expect some good news from the Union Budget 2025-26 to be presented on February 1 with the Union Finance Minister Nirmala Sitharaman expected to announce significant relief for this section.
Kejriwal releases AAP's manifesto for middle class, makes 7 demands from Centre
New Delhi, Jan 22: Aam Aadmi Party (AAP) national convener Arvind Kejriwal on Wednesday released his party’s manifesto centered on the middle-class and also criticized Centre’s approach towards the ‘most victimized’ section of society.
FMCG sector urges infra investment, tax reforms, job creation in Budget 2025 to boost demand
New Delhi, January 21: The fast-moving consumer goods (FMCG) and retail sector has emphasised the need for investments in digital infrastructure, skill development, and MSME promotion in the upcoming union budget to reignite consumption and spending in the economy.
Finance Ministry gave report card on Union Budget 2024-25 ahead of new budget
New Delhi, January 16: As the Union Budget 2025-26 approaches, the Ministry of Finance on Thursday gave a report card on the achievements and progress made on last year's budget announcements.
US-India tax forum proposes bold reforms ahead of Union Budget 2025-26 to enhance economic competitiveness
New Delhi, January 15: As India gears up for the Union Budget 2025-26, the US-India Tax Forum--a specialized Tax Policy Forum under the US-India Strategic Partnership Forum (USISPF)--has presented an ambitious set of recommendations aimed at bolstering the nation's global economic standing.
Budget should reduce tax rates, raise personal income tax exemption limit to Rs 5 lakh from Rs 3 lakh: EY India
New Delhi, January 8: The upcoming union budget 2025-26 should focus on giving personal tax relief to common taxpayers by raising the basic exemption limit in the new tax regime from Rs 3 lakhs to Rs5 lakhs and reducing tax rates, suggests global consulting and professional services firm Ernst & Young India (EY India).