Finance Minister Nirmala Sitharaman announced in the House that a new income tax bill will be introduced next week. Addressing the Parliament while presenting her eighth budget on Saturday (February 1, 2025), she stated that modifications to both direct and indirect tax policies would be elaborated on later in her speech.
Reaffirming the tax department’s commitment to a “Trust First, Scrutinise Later” approach, Sitharaman emphasized various taxpayer-friendly reforms implemented by the government. These include faceless assessments, a taxpayer charter, and initiatives aimed at simplifying the self-assessment process.
As a Rajya Sabha MP, Sitharaman’s continued tenure as Finance Minister brings her closer to the record held by former Prime Minister Morarji Desai, who presented ten Union Budgets in his career.
