National

Budget News flash : FM announces Centre to introduce New Income Tax bill next week

• By Newsonair/IANS, New Delhi
• Feb 01, 2025
• 140

Union Finance Minister Nirmala Sitharaman is presenting the Union Budget for 2025-26 in the Lok Sabha. While presenting the budget, the finance minister said that India’s economy is the fastest growing among all other growing economies in the world.

She stated that the proposed budget measures focus on 10 broad areas, and this budget aims to take everyone along on an inclusive growth path.

I Also Read : Cabinet approves Union Budget 2025-26, Share market in green zone ahead of Budget speech I

Sitharaman added that this budget is dedicated to accelerating growth, driven by our aspirations for a Viksit Bharat.

I Also read: Cabinet approves Union Budget 2025-26, Share market in green zone ahead of Budget speech I

Govt will launch 6 years Mission to achieve Atmanirbharta in Pulse: FM

She announced that a Makhana Board will be established to improve production and marketing, and a National Mission on high-yielding seeds will also be launched.

FM announces PM Dhan Dhanya Krishi Yojana

“PM Dhan Dhanya Krishi Yojana will benefit 1.7 crore farmers and aims to create ample opportunity for rural areas so that migration becomes an option, not a necessity," the Finance Minister noted.

National Manufacturing Mission to be launched : FM

The credit guarantee cover is to be enhanced for MSMEs to Rs 10 crore from Rs 5 crore and investment and turnover limit for classification of all MSMEs will be enhanced to 2.5 and 2 times, respectively.

The Finance Minister also announced Centres of Excellence in artificial intelligence (AI) for education, to be set up with a total outlay of Rs 500 crore.

Centre to introduce new Income Tax Bill next week

In a major announcement, Finance Minister Nirmala Sitharaman on Saturday said the government will introduce a new Income Tax Bill next week.

The new Income Tax Code will be announced next week, and the I-T Department will "trust first, scrutinise later", the Finance Minister said while presenting the Budget 2025-26.

*Except for the heading and Cabinet approval section, this story has not been edited by The enewstime.in and has been published from Newsonair and IANS feeds.