The government will introduce a new Income Tax bill next week to take forward the “trust first, scrutinise later” concept, Finance Minister Nirmala Sitharaman said on Saturday.
In another major reform move, the Minister announced that the Foreign Direct Investment (FDI) in the insurance sector will be increased to 100 per cent from 74 per cent.
Presenting the Budget for 2025-26, Sitharaman said that over the past 10 years, the government has implemented several reforms for the convenience of taxpayers, including faceless assessment.