Govt received over 60,000 inputs from citizens towards new Income Tax Bill: FM Nirmala Sitharaman. Review of the Income-Tax Act, 1961 has a big component of Prime Minister Narendra Modi’s principle of ‘Jan Bhagidari’ Finance Minister also thanked PM Modi for being considerate in giving relief to the taxpayers earning up to Rs 12 lakh per annum. \”We are committed to fiscal deficit path set in July Budget, aiming below 4.5 per cent,\” she mentioned. Newer areas are also being opened up and that’s why in the last two years we have been seeing investment in the space sector, nuclear sector etc,\” the Finance Minister emphasised. \”Reforms towards boosting manufacturing, Ease of Doing business and steps for the betterment of social infrastructure are all being kept in place,\” she added. The effective capital expenditure during the next fiscal is estimated at Rs 19.08 lakh crore, according to FM Sithraman. The Budget has not reduced sectoral allocations and the effective capital spending is estimated to be 4.3 per cent of the GDP in the Budget for 2025-26 while the fiscal deficit is 4.4 per cent.
