The new bill which includes the recent changes in income tax rates, slabs, and TDS is aimed at simplifying the language and implementation of the income tax legislation for taxpayers.
Altman, during a fireside chat with IT Minister Ashwini Vaishnaw, said OpenAI tripled its users here in the last year. He gave a ringing endorsement to India's efforts in building on AI at all levels of the stack, chips, models and "the incredible applications".
The new income tax bill, which will replace the six decade old Income Tax act, 1961, has been drafted within six months and efforts have been made to simplify the language to make tax compliance easier for taxpayers and make it easier to read and understand.
Nasscom lauded Budget 2025-26 for fostering entrepreneurship, simplifying taxation, and government’s focus on business-friendly policies, while acknowledging its commitment to positioning India as a global leader.
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Sitharaman said that the new tax deduction slabs are introduced to “substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment.”
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Expectations of relief on income tax, particularly for lower middle class, is high after Prime Minister Narendra Modi invoked goddess of wealth for elevating poor and middle class.
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The uphill task before the Finance Minister and her team would be to bolster growth without sacrificing fiscal prudence. The government is also expected to stick to the fiscal glide path of reducing the fiscal deficit to below 4.5% of Gross Domestic Product (GDP) in FY26 amidst various headwinds.
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