<h1>Income tax reform: exemption threshold raised and a new Income Tax Bill proposed to streamline scrutiny and compliance.</h1> The Budget raises the personal income tax exemption under the revised regime and proposes a new Income Tax Bill adopting a 'trust first, scrutinise later' approach; it raises foreign investment limits in insurance and will revamp the model Bilateral Investment Treaty. Tariff and sectoral measures include removal of import duties on specified critical minerals and drugs, extensions of duty exemptions for battery capital goods, fiscal deficit targets, legal amendments to permit private participation in a nuclear mission, and sectoral infrastructure commitments in health, aviation connectivity and higher education.