Budget 2025 Live: FM Nirmala Sitharaman set to present 8th consecutive Union Budget

No Tax on Income of Upto Rs. 12L means, a hike in Income Tax Rebate to Rs. 60,000

New Slab Rates

No Income tax upto Rs. 12.75 Lakhs for salaried Taxpayers

No Income Tax Tax upto an Income of Rs. 12 Lakhs

Direct Taxes

• TDS to be rationalized.-No. of rates reduced. -Threshold doubled for Senior Citizens -Threshold for TDS on Rent increased to Rs. 600000
• TCS LRS threshold increased to Rs. 10L. No TCS on Foriegn Remittance for education when a Loan taken from specified Financial institutions.
• Threshold for TDS on interest for senior citizens raised to Rs. 1,00,000
• Compliance burden for small charitable trusts & institutions to be reduced, by increasing their registration period from 5 years to 10 years Taxpayers to be allowed to claim annual value of two self-occupied properties as nil without any condition.
• Time limit to file ITR-U extended to 4 Assessment Years

Indirect Taxes

• 7 tariff rates removed in customs
• 37 life saving medicines exempted from BCD
• Specified Cancer medicines exempted from custom duty
• Social Welfare Surcharge to be exempted on 82 tariff lines that are subject to a cess
• Steps taken for boosting EV Battery manufacturing and mobile phone battery manufacturing in India
• Cobalt powder and waste, scrap of lithium-ion battery, Lead, Zinc and 12 more critical minerals to be exempted from Basic Customs Duty (BCD)
• 35 additional goods for EV battery manufacturing, and 28 additional goods for mobile phone battery manufacturing to be added to list of exempted capital goods

FM to introduced New Income Tax Bill Next week

Exports

• Government to promote Easy excess to exports credit, Support to MSMEs
• Government to support domestic electronic industry

Tourism

• Top 50 destination sites in the country will be developed.
• Visa Fee waiver for certain tourist groups.

Industry

FM proposed development measures in Budget 2025 span ten broad areas focusing on Garib, Youth, Annadata and Nari.

Investment in people

• IIT Patna to be established
• 200 Cancer centers to be established in 25-26 itself.

MSMEs

• Customized credit cards introduced for Micro enterprises.
• For the toys sector, the government will implement a scheme to make India a global manufacturing hub.
• MSME Turnover Limits to be Doubled

• New Fund of Funds for Startups to be set up to power Entrepreneurship with, Fresh contribution of another Rs. 10,000 crore, in addition to existing government contribution of Rs. 10,000 crore to be introduced. New Scheme for 5 lakh Women, Scheduled Castes and Scheduled Tribes first-time entrepreneurs

Agriculture

Union Budget 2025-26 | Nirmala Sitharaman Speech

Finance Bill 2025 to be introduced in Lok Sabha Today.

Smt. Nirmala Sitaram to present a statement of the estimated receipts and expenditures of the government of India for the year 2025-26

Budget 2025: Nirmala Sitharaman’s saree honors Bihar’s Madhubani artist Dulari Devi

President Murmu fed ‘dahi-cheeni’ to FM Nirmala Sitharaman ahead of the Budget 2025

After meeting with the President, FM was seen discussing key aspects of the Budget proposals with the President. Following that they both proceeded towards cabinet.

President Murmu fed ‘dahi-cheeni’ to FM Nirmala Sitharaman ahead of the Budget 2025. In Indian culture, fedding ‘Dahi-Chini’ before starting something new is believed to be auspicious.

FM Nirmala Sitharaman is all set to present the 8th consecutive Union Budget. People, especially the middle class, have high hopes from this year’s Budget.