<h1>Government to Introduce New Income Tax Bill with 'Trust First, Scrutinise Later' Approach; FDI in Insurance to 100%</h1> The government plans to introduce a new Income Tax bill in Parliament next week, promoting a 'trust first, scrutinise later' approach, as announced by the Finance Minister. Additionally, Foreign Direct Investment in the insurance sector will be raised to 100% from the current 74%. The Budget for 2025-26 highlights reforms for taxpayer convenience, including faceless assessments and a taxpayers' charter. An internal committee and 22 sub-committees are reviewing the Income Tax Act to simplify it and reduce disputes. The government will also enhance air cargo warehousing for high-value perishables and expand India Post payments bank services in rural areas.