New Delhi: Finance Minister Nirmala Sitharaman on Saturday announced rationalisation of TDS (Tax Deduction at Source) regime to ease compliance burden.Presenting the Budget for 2025-26, she said tax proposals are guided by income tax reforms for middle class, TDS rationalisation, and easing compliance burden.
The government will also be introducing a new Income Tax (I-T) bill in Parliament next week.
Reforms are not destinations but means to achieve good governance for the people and economy, the finance minister said and added that the new I-T bill will be half of the current volume, clear and direct in wording.
Meanwhile, the government will increase the limit of TCS on remittances under RBI's liberalised remittance scheme from Rs 7 lakh to Rs 10 lakh.
Also, Sitharaman said that 35 additional goods for EV battery, 28 additional goods for mobile phone battery production will be included in the list of exempted capital goods.
The government will also be introducing a new Income Tax (I-T) bill in Parliament next week.
Reforms are not destinations but means to achieve good governance for the people and economy, the finance minister said and added that the new I-T bill will be half of the current volume, clear and direct in wording.
Meanwhile, the government will increase the limit of TCS on remittances under RBI's liberalised remittance scheme from Rs 7 lakh to Rs 10 lakh.
Also, Sitharaman said that 35 additional goods for EV battery, 28 additional goods for mobile phone battery production will be included in the list of exempted capital goods.
Finance Minister also said the Union Budget 2025-26 will initiate reforms in six areas of taxation, urban development, mining, financial sector, power and regulatory framework. Presenting her eighth consecutive budget, she said the government's development track record of the past 10 years and structural reforms have drawn global attention.
A Viksit Bharat will have zero poverty, quality education, high-quality, affordable and comprehensive healthcare, she said and added that the budget's focus is to take everyone together on inclusive growth path.
The Union Cabinet, chaired by Prime Minister Narendra Modi on Saturday ascended the Budget for the year 2025 ahead of its presentation in the Parliament.