Revenue Secretary, Tuhin Kanta Pandey ahead of the upcoming Income Tax Bill, which was announced by the Finance Minister, Nirmala Sitharaman during her budget speech, said the Bill will not introduce any new taxes.
“When you will see the new Income Tax Bill next week, it will be a very different Bill. We are not changing the policy in a big way, and don’t want to create any unstable situation,” the Revenue Secretary said.
He hinted that the new Bill will have parts and parcels of the announcements made in the Union Budget. “Rates and slabs, TDS rationalisation, and the several other things that we did in this budget will be reflected in the upcoming law,” he said.
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Beyond that, it is not trying to attempt the new thing, he assured.
He went on further and said that laws should be easy to read for the common citizens as they are meant for them and not only to be read by the lawyer and legal professionals.
With this new Income Tax Bill, the way we read laws will undergo change, and we will make this change happen. “I can assure you that it will not put any new taxes, and won’t put any new burden,” he said.
Tuhin Kanta Pandey further said that the budget was pro-people, pro-growth, and pro-taxpayers.
In this Budget, he highlighted that some key issues addressed are how to propel the growth amid the global headwinds.
“There are global headwinds, and it’s not a very encouraging environment globally for the growth, and for the trade. Union Budget 2025 focussed on how to propel the growth,” the Revenue Secretary said.
He said there should be equitable growth that meets demography and demand.
The Revenue Secretary further highlighted agriculture, MSME, investment, and exports as core engines for this Budget, and said they will propel the growth against the headwinds and maintain India as fastest growing economy globally and make it faster.
It can be done only with the “We and We” approach. With this aspect in mind, we have taken away many painpoints in the Budget, he said.
The Revenue Secretary was speaking at the PHDCCI Post-Budget Session at PHD House, New Delhi.
