Union Budget: Centre to boost water, waste management in 100 large cities

• India to prepare climate finance taxonomy: Sitharaman
• Govt to undertake comprehensive review of Income Tax Act: FM

NEW DELHI — The Centre along with states and multilateral development banks will promote water supply, sewage treatment and solid waste management projects and services in 100 large cities through bankable projects, Finance Minister Nirmala Sitharaman said on Tuesday.

Presenting the Budget in the Lok Sabha, she said these projects will also envisage use of treated water for irrigation and filling up of tanks in nearby areas.

Read top news: Union Budget comes out with measures to boost MSME sector

“In partnership with state governments and multilateral development banks we will promote water supply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects,” she said.

India to prepare climate finance taxonomy: Sitharaman

The government will develop a taxonomy for climate finance to help improve the availability of funds for adapting to climate change and reduce greenhouse gas emissions, Union Finance Minister Nirmala Sitharaman said on Tuesday.

This will support achievement of the country’s climate commitments and green transition, she said while presenting the Budget for 2024-25 in the Lok Sabha.

She also said that the government will prepare a roadmap for moving hard-to-abate sectors, such as shipping, aviation, iron and steel and chemicals, from energy efficiency targets to emissions targets.

Govt to undertake comprehensive review of Income Tax Act: FM

The government on Tuesday announced that it will undertake a comprehensive review of the Income Tax Act to make it easy to read.

Presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will come out with SoP (standard operating procedure) for TDS defaults and simplify and rationalise compounding of such offences.

She added that two tax exemption regimes for charitable trusts will be merged into one.

Also, 58 per cent of corporate tax have come from simplified tax regime in FY23.

More than two-thirds of individuals availed of the new income tax regime, Sitharaman said in the Lok Sabha.

The FM further announced that DPI apps will be developed for credit, e-commerce, education, health, law, MSME service delivery, and urban governance.