Budget 2025: The government will first trust the taxpayer and provide convenience, then 'search' him
Budget 2025 The government will first trust the taxpayers and provide them convenience. It will investigate later. During the budget announcement, Sitharaman said that it has been proposed to increase the facility period for filing updated income tax returns from 24 months to 48 months. Also, according to the budget provision, from the financial year 2027, the government will prepare the data of those who buy crypto along with collecting tax.
During the budget announcement, Finance Minister Nirmala Sitharaman said that the government will first trust the taxpayers and then work on the principle of searching them. The government has been working on this principle for the last several years and many such facilities will be restored in the future as well.
He said that soon a new Direct Tax Code will be introduced like the Indian Judicial Code. This code will be very easy for people to read and understand and with its help, tax related disputes will also be reduced. Compared to the current Tax Code, this law will have only half the chapters. However, it will take some time for the new code to be implemented.
The bill will go to the joint committee
It will be introduced in Parliament in the budget session and the bill is also expected to go to the joint committee of Parliament. During the budget announcement, Sitharaman said that it has been proposed to increase the facility period for filing updated income tax returns from 24 months to 48 months. She said that by providing the facility of updated returns, 90 lakh taxpayers filed their revised returns in the current financial year.
The aim is to bring tax reforms keeping the middle class in mind
He said that the Modi government's aim is to improve the tax system keeping the middle class in mind. Along with trying to rationalize TDS-TCS, work is also being done towards voluntary rule compliance and reducing the burden of rules. In the budget announcement, there is a mention of bringing changes in many rules related to penalties.
Help received from Vivaad se Vishwas scheme
There has also been talk of amending the definition of capital assets. A proposal has been made to simplify the tax provisions for charitable trusts and institutions. He said that earlier also people were helped in settling their cases under the Vivaad se Vishwas scheme.
Government will collect data of crypto buyers
Till now, the government used to levy tax on the income from crypto currency, but did not prepare any data of those who buy crypto. According to the budget provision, from the financial year 2027, the government will prepare the data of those who buy crypto along with collecting tax. Those who buy crypto will have to fill the form prepared by the government and only then they will be able to buy crypto. A complete framework is being prepared in this direction. Dailymintz
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