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National News

New income tax bill to be introduced next week: Finance Minister during Budget presentation

Finance Minister Nirmala Sitharaman announced the introduction of a new income tax bill during her Budget presentation in Lok Sabha. Key highlights include Rs 1.5 trillion for state capex, revamped KYC registry rollout, and enhanced warehousing.

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Odishatv Bureau
New income tax bill to be introduced next week: Finance Minister during Budget presentation

New income tax bill to be introduced next week: Finance Minister during Budget presentation

“I also propose to introduce the new income tax bill next week,” said Finance Minister Nirmala Sitharaman in Lok Sabha during the Union Budget 2025 presentation on Saturday. 

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The FM also announced a revamped central KYC registry to be rolled out: As per the revamped KYC:

  1. Regulations must keep up with tech innovations and the global regulatory environment.
  2. Govt will facilitate enhancement for warehousing.
  3. Cargo screening and Customs will be streamlined and made consumer-friendly.
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This apart, FM Sitharaman also announced an outlay of Rs 1.5 trillion to states for capex. 

The outlay of Rs 1.5 trillion towards 50-year interest-free loans to states will be to augment infrastructure, the FM announced.

Under the Affordable Housing, the FM announced another 40,000 units to be completed in FY26.

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