New Delhi, Feb. 1 -- In a major announcement, Finance Minister Nirmala Sitharaman on Saturday said the government will introduce a new Income Tax Bill next week. The new Income Tax Code will be announced next week, and the I-T Department will "trust first, scrutinise later", the Finance Minister said while presenting the Budget 2025-26.

The Finance Minister also announced that the FDI limit for the insurance sector will be raised to 100 per cent and the enhanced limit for the insurance sector is to be applicable to those that invest entire premium in the country. The government has, in the past, introduced faceless assessment, faster tax returns and five 'Vivad Se Vishwas' schemes. FM Sitharaman said during her Budget speech that speedy ...