Union Finance Minister Nirmala Sitharaman highlighted the Union Budget 2025-26 as a budget “by the people and for the people” following its presentation. The minister emphasized the government’s focus on simplifying direct taxes and enhancing ease of compliance, a commitment announced in the July 2024 Budget. The new Income Tax Bill, which aims to reflect these changes, is set to be presented in Parliament next week.
Sitharaman acknowledged the concerns of the middle class, who often feel overlooked despite being diligent taxpayers. She noted that while the government has been praised for its inclusivity towards the poor and vulnerable sections, there is a growing sentiment among the middle class for more attention to their issues. In response, the new tax law will aim to simplify legal language and reduce the compliance burden without a major overhaul, thus making the system more user-friendly.
The Finance Minister clarified that although the tax rates would not undergo significant restructuring, efforts are underway to make them more taxpayer-friendly. This initiative reflects years of exploration into how tax rates can be adjusted to benefit taxpayers more effectively.
As Sitharaman prepares to introduce the new income tax legislation in the ongoing budget session, she reinforced the government’s commitment to ensuring that the tax law does not suffer from ambiguities that could be exploited. This move is part of a broader strategy to address longstanding taxpayer concerns and provide a more responsive government approach to taxation.
In conclusion, the focus of the Union Budget and the upcoming Income Tax Bill lies in simplifying the tax regime and acknowledging the aspirations of the middle class. The Finance Minister’s assurances signal an inclusive approach aimed at aligning government policies with the needs of a broader spectrum of the population.
Original Source: https://assamtribune.com/national/weve-heard-the-voice-of-the-middle-class-sitharaman-on-union-budget-2025-26-1566742
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Publish Date: 2025-02-02 15:20:00
