Finance bill pass with 35 changes from Lok Sabha, Nirmala Boli- Relief for tax payers, know what special

Finance Bill passed from 2025 Lok Sabha on Tuesday. Union Finance Minister Nirmala Sitharaman, describing it as unprecedented tax relief, said that this ‘realistic’ estimates of an increase of 13.14% in individual income tax collection are based on concrete data.

Responding to the discussion on Finance Bill 2025 in the Lok Sabha, the Union Finance Minister said that the steps declared to rationalize the customs in the budget will support manufacturing units and domestic price enrichment. In addition, we will promote export, facilitate business and also provide relief to common people.

In the budget presented on February 1 for FY 2025-26, the government increased the income tax exemption from the earlier 7 lakh rupees to Rs 12 lakh per year. The increase in income tax exemption will waive about one lakh crore rupees in the next financial year.

The amendments that have been made in this bill are-

1-Import duty was eliminated over the part of the Elactic vehicle battery and mobile phone making parts. Now there will be 35 parts of elactric vehicle battery and 28 components of mobiles.

2-New rules were brought in section 143 (1) of 2-Incoming Tax Return. The Income Tax Department will now rectify the mistakes of last year’s ITR. This will improve in the next return.

3- Along with this, 6% digital tax on online advertisement (Google, Met’s advertisement) will end from April 1, 2025. This will reduce the tax burden on digital platforms and advertising companies.

Necessary amendment of the bill

In the next financial year, which starts from April 1, individual income tax revenue is estimated to increase 13.14%. It also includes a 7% decline after a reduction of Rs 1 lakh crore from income tax relief. When amendment was made to remove 6% digital tax on online advertisements, Sitharaman said that it was done to remove uncertainty in international economic conditions.

The Finance Minister said that ‘minor relief’ has been given under the Income Tax Act for taxpayers with income of Rs 12 lakh per year in the budget. In the last few years, the individual income tax collection has gained significant bounce and it is growing at a rate of about 20% annually. He said, “The individual income tax collection is estimated to be Rs 13.6 lakh crore in FY 2025-26, while the revised estimate for the current financial year is Rs 12.2 lakh crore. In this way, 12.2 lakh crore rupees are going to increase to Rs 13.6 lakh and this is a very realistic calculation.

Appeal for voluntarily revelation of property

Nirmala Sitharaman said that the tax department has run a campaign and asked tax payers to voluntarily disclose their foreign income and property. In this sequence, about 19 thousand 501 selected tax payers were sent to SMS and e-mail and asked to review their tax returns.

Of these, 11 thousand 162 tax payers revised their returns and filled the form of foreign property and declared a total assets of Rs 11 thousand 259.29 crore.

The Union Finance Minister said that due to the impact arising from it, other tax payers also filed returns to disclose foreign properties. A total of 30 thousand 161 taxpayers announced foreign assets worth Rs 29 thousand 208 crore and foreign income of Rs 1,089 crore.

Describing the government as a government sympathetic to employee and pensioner issues, Nirmala said that complete equality has been implemented among the pensioners before and after the 7th Central Pay Commission. Regarding the amendment, he said that the government has restored the position of March 2008 in the way of pension determination, which was recommended by the Sixth Central Pay Commission. When asked about the 16 -year delay in restoring the situation, the Finance Minister said, “Many court cases were going on. We had to wait for the decision to come. Now decisions have come. We are going to respect the decision taken in 2008. ”

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