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New income tax bill to be introduced next week: Finance Minister during Budget presentation
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“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:
- Regulations must keep up with tech innovations and the global regulatory environment.
- Govt will facilitate enhancement for warehousing.
- 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.
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Under the Affordable Housing, the FM announced another 40,000 units to be completed in FY26.