Finance minister Nirmala Sitharaman says that the new income tax bill will be introduced next week. She adds that the government will take forward 'trust first, scrutinise later' concept.Income Tax Budget 2025 LIVE: FM Nirmala Sitharaman says that the government will set up the Gyaan Bharat Mission for survey,

The Budget 2025 is being seen as an important step to revive the slackening urban consumption in India and thereby help retail, consumer service sectors

This comes after the government said that people earning up to 1.28 million rupees ($14,800) per year will not have to pay any taxes, raising its threshold from 700,000 rupees. It also cut tax rates for people earning above the new threshold.