PM Modi announces zero income tax up to Rs 12 lakh, next-generation reforms in I-Day address
He announced a landmark move of 'zero tax for annual income up to Rs 12 lakh, a benefit that many could not have imagined even a few years ago.' The measure, aimed at providing relief to taxpayers, was accompanied by a series of reform initiatives to modernise governance and boost economic growth.
PM Modi said the time had come to move forward with even greater strength, emphasising the government's commitment to building a modern, efficient, and citizen-friendly ecosystem, where laws, regulations, and processes are simplified, entrepreneurship is encouraged, and every Indian is enabled to contribute to building a Viksit Bharat.
Highlighting a 'historic wave of reforms' in recent years, he noted that the government had scrapped over 40,000 unnecessary compliances and repealed more than 1,500 outdated laws. 'Dozens of other laws have also been simplified in Parliament, with the interests of citizens always prioritised,' he said.
In the most recent parliamentary sessions alone, more than 280 provisions were removed. Modi stressed that 'reform is not just about economics, it is about transforming the everyday lives of citizens.'
He made key announcements concerning income tax reform and faceless assessment, aimed at making the system more transparent and efficient. Further, he spoke about replacing outdated criminal laws with the Indian Justice Code, which he said would simplify justice and legal procedures. According to the Prime Minister, this change would lead to 'fairness, simplicity, and empowerment.'
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