Concerning the proposed income tax legislation for 2025, the central government has garnered over 60,000 suggestions from citizens, according to Union Finance Minister Nirmala Sitharaman. During a recent post-budget event, the Finance Minister highlighted that the review of the Income Tax Act of 1961 is a significant aspect of Prime Minister Narendra Modi’s principle of ‘Jan Bhagidari.’ “Following the Covid-19 pandemic, the government’s focus has centered on channeling funds into public expenditure for infrastructure development. The belief that there has been a shift from expenditure to consumption is inaccurate. We have increased capital expenditure (Capex) while also offering relief in Personal Income Tax,” she stated. Last week, she presented the new income tax bill for 2025 in the Lok Sabha as part of tax reforms aimed at simplifying provisions to make them easier to understand and reducing the potential for statutory disputes. Additionally, the Finance Minister expressed gratitude to PM Modi for his consideration in providing relief to taxpayers earning up to Rs 12 lakh annually. She noted, “We are steadfast in our commitment to the fiscal deficit trajectory outlined in the July Budget, targeting a deficit below 4.5 percent.” The goal of these reforms is to bolster manufacturing, enhance the ease of doing business, and upgrade social infrastructure. “Our efforts will not cease here. The momentum of reforms will persist. We are also exploring new sectors, which is evident in the recent investments in the space and nuclear sectors,” asserted the Finance Minister. She further remarked, “I anticipate that state governments will also take the initiative to promote the Ease of Doing Business.” Sectoral allocations within the budget remain unchanged, with the projected effective capital expenditure for the upcoming financial year estimated at Rs 19.08 lakh crore, as reported by FM Sitharaman. She highlighted that the effective capital expenditure represents 4.3% of GDP in the 2025-26 budget, with a projected financial deficit of 4.4%.
FINANCE MINISTRY

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 20th April, 2022
S.O. 1881(E).—In exercise of the powers conferred by clause (46) of section 10 of the Income-tax
Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause,
‘Gujarat Real Estate Regulatory Authority’ (PAN AAAGG1260R), an Authority constituted by the State
Government of Gujarat, in respect of the following specified income arising to that Authority, namely:-
(a) Amount received as Grant-in-aid or loan/advance from Government;
(b) Fee/penalty received from builders/developers, agents or any other stakeholders as per the
provisions of the Real Estate (Regulation and Development) Act, 2016; and
(c) Interest earned on (a) & (b) above.
2. This notification shall be effective subject to the conditions that Gujarat Real Estate Regulatory
Authority,-
(a) shall not engage in any commercial activity;
(b) activities and the nature of the specified income shall remain unchanged throughout the
financial years; and
(c) shall file return of income in accordance with the provision of clause (g) of sub-section (4C)
of section 139 of the Income-tax Act, 1961.
3. This notification shall be applicable for the financial years 2022-2023, 2023-2024, 2024-2025,
2025-2026 and 2026-2027.
[Notification No. 35/2022/F. No. 300196/7/2022-ITA-I]
SOURABH JAIN, Under Secy