 (1).jpg "Union Budget 2025 Live Updates")
With strong expectations for tax relief, Finance Minister Nirmala Sitharaman is scheduled to begin her record-eighth budget presentation at 11 a.m. today. Nirmala Sitharaman will make history by being the only finance minister to present the Union Budget eight times in a row when she delivers the first comprehensive budget of Prime Minister Narendra Modi's third term in office. Since it will be the second budget during Prime Minister Narendra Modi's third term, the Union Budget 2025 has raised a lot of expectations.
A significant tax relief was declared by Finance Minister Sitharaman, guaranteeing that under the new tax structure, anyone making up to Rs 12 lakh a year would not be subject to any taxes.
According to Bankbazaar's Adhil Shetty: "Taxpayers are greatly relieved! The new tax system will greatly lessen the financial load on the middle class by making income up to Rs 12 lakh tax-free. This audacious action boosts disposable income, stimulates expenditure, and advances economic expansion. The government demonstrates its dedication to a taxpayer-friendly system by streamlining taxes and making compliance easier. In addition to helping salaried people, this reform encourages investments and enterprises, which boosts wealth all around. This tax break is a significant step toward a more egalitarian and growth-oriented economy, with an emphasis on financial empowerment and ease of life.
"Dream budget for everyone with a big bonanza for low income and middle income tax payers with generous changes in tax slabs," stated Sonu Iyer, National Leader, People Advisory Services, EY India. By giving individuals more money, the finance minister has concentrated on increasing spending. The happiness of personal income tax payers was the main objective of the 2025 budget.
Due to the rise in the tax refund from INR 25,000 to INR 60,000, a wage worker with total income up to INR 12.75 lakhs will not be required to pay any taxes. Note that this tax refund will not be applicable in cases where income is subject to special rates of taxation, such as capital gains. A well-executed economic recovery lever and a lower-than-expected cap expenditure lever can be made up for by implementing the budget with accountability and discipline.
Feb 1, 2025 12:51 PM
Updates on the 2025 Income Tax Budget: In accordance with the budget memorandum, "to enhance the limit of total income for rebate in clauses (a) and (b) of the first proviso under section 87A, on which the income tax is payable as per the rates of income tax under sub-section (1A) of section 115BAC, from Rs. 7,00,000 to Rs. 12,00,000 and the limit of rebate in clause (a) of first proviso to section 87A from Rs. 25,000 to Rs. 60,000,"
Feb 1, 2025 12:50 PM
On Saturday, Finance Minister Nirmala Sitharaman presented her ninth straight Union Budget. This moves her closer to previous Prime Minister Morarji Desai's record of ten budgets presented over several terms. She is the first woman to serve as a full-time finance minister.
In her Budget 2025 speech, Finance Minister Nirmala Sitharaman announced an increase in the international Direct Investment (FDI) ceiling for the insurance sector from 74% to 100%, in an effort to attract more international investment while protecting domestic interests. However, some criteria will apply to ensure that the benefits are in line with India's budgetary goals.
Finance Minister Nirmala Sitharaman has announced an extension of the deadline for filing revised returns for any assessment year, from two to four years.
While presenting the 14th consecutive Budget under the Narendra Modi government since 2014, Sitharaman recommended exempting Tax Collected at Source (TCS) on remittances for educational purposes if the education loan is obtained from selected financial institutions.
Finance Minister Nirmala Sitharaman has said that the government will revise the model Bilateral Investment Treaty (BIT) to make it more investor friendly. Sitharaman, who presented the Budget under the Narendra Modi government, also disclosed that the Jan Vishwas Bill 2.0 will be tabled to decriminalize over 100 offences, with the goal of making it easier for enterprises to conduct business
The new tax regime allows for zero income tax up to ₹12 lakh in pay.
Slabs and rates are changing across the board to benefit all taxpayers.
The new tax structure will benefit the middle class by reducing taxes and increasing household consumption, savings, and investment.
It includes a 'Nil tax' slab of up to ₹12.00 lakh (₹12.75 lakh for salaried tax payers with a standard deduction of ₹75,000).
Govt allows taxpayers to claim annual value of two self-occupied properties as nil, says FM Sitharaman
1. The new tax regime allows for zero income tax up to ₹12 lakh in salary.
2. Slabs and rates being changed across the board to benefit all tax-payers
3. New structure to substantially reduce taxes of middle class and leave more money in their hands, boosting household consumption, savings and investment ‘Nil tax’ slab up to ₹12.00 lakh ( ₹12.75 lakh for salaried tax payers with standard deduction of ₹75,000)
Taxpayers can claim yearly value of 2 self-occupied homes as nil Govt enables taxpayers to claim annual value of two self-occupied properties as nil, says FM Sitharaman
Taxpayers can claim yearly value of 2 self-occupied homes as Nil
Govt enables taxpayers to claim annual value of two self-occupied properties as nil, says FM Sitharaman
Zero Income Tax till ₹12 lakh salary under New Tax Regime
Slabs and rates being changed across the board to benefit all tax-payers
New structure to substantially reduce taxes of middle class and leave more money in their hands, boosting household consumption, savings and investment
‘Nil tax’ slab up to ₹12.00 lakh ( ₹12.75 lakh for salaried tax payers with standard deduction of ₹75,000)
Zero Income Tax till ₹12 lakh salary under New Tax Regime
Slabs and rates being changed across the board to benefit all tax-payers
New structure to substantially reduce taxes of middle class and leave more money in their hands, boosting household consumption, savings and investment
‘Nil tax’ slab up to ₹12.00 lakh ( ₹12.75 lakh for salaried tax payers with standard deduction of ₹75,000)
Updated tax slabs under the new tax system:
₹0–4 lakh—none
₹4–8 lakhs, or 5%
₹8–12 lakh, or 12%
15% to 12–16 lakh rupees
Rs. 16–20 lakh, or 20%
Twenty-four lakh rupees, or 25%
More than 24 lakh: 30%
The Makhana Board was established in Bihar to enhance processing and facilitate value addition, according to Nirmala Sitharaman. There will be a new income-tax bill introduced.
1. Nearly half of the current law will be included in the new draft, which will be straightforward and easy to read.
2. Will be easy to comprehend, resulting in less litigation and tax certainty.
FM declared that the list of medications completely exempt from Basic Customs Duty would be expanded to include about 36 life-saving medications and medications. According to FM, there would also be a complete exemption from Basic Customs Duty for 13 new patient aid programs and 37 additional medications.
1. Lead, zinc, cobalt powder and waste, lithium-ion battery scrap, and twelve other essential minerals will not be subject to basic customs duty (BCD).
2. The list of exempted capital goods will be expanded to include 35 more items for the production of EV batteries and 28 more items for the production of mobile phone batteries.
According to Nirmala Sitharaman, the Deep Tech fund will support businesses with and without technical expertise in realizing their ideas.
Feb 1, 2025 11:58 AM
Exempting life-saving medications from fundamental tasks
FM declared that 36 life-saving medications for patients with uncommon diseases and cancer would be added to the list of medications that are completely exempt from basic responsibilities.
Feb 1, 2025 11:57 AM
Fiscal deficit: The FY26 fiscal deficit is projected to be 4.4%, whereas the FY25 fiscal deficit is set at 4.8%.
Feb 1, 2025 11:55 AM
Nirmala Sitharaman, the Union Finance Minister, announced a ₹1.5 lakh crore investment in 50-year interest-free loans to states for infrastructure and capital expenditures.
Feb 1, 2025 11:54 AM
36 life saving medications and medications are completely exempt from basic customs charge, according to Finance Minister Nirmala Sitharaman.
Feb 1, 2025 11:52 AM
Nirmala Sitharaman suggested raising the insurance industry's FDI cap to 100%.
Feb 1, 2025 11:50 AM
According to Nirmala Sitharaman, a new income tax bill will be unveiled by the government the following week.
Feb 1, 2025 11:49 AM
1. To enhance export credit, cross-border factoring assistance, and help for MSMEs in addressing non-tariff measures in foreign markets, an export promotion mission will be established.
2. "BharatTradeNet" (BTN), a unified platform for finance and trade documentation, would be established as a digital public infrastructure for global trade.
Feb 1, 2025 11:46 AM
Making India a center for toy production will "unleash the creativity and innovation of our MSMEs," according to Sameer Shah, a partner at Khaitan & Co. He continued by saying that this project might introduce distinctive and superior toys to the market and enable leaders and international companies to think about India as a manufacturing base.
Feb 1, 2025 11:43 AM
According to FM Sitharaman, the footwear and leather industries' product program is anticipated to create jobs for 22 lakh people, generate ₹4 lakh crore in revenue, and boost exports by over ₹1.1 lakh crore.
Feb 1, 2025 11:37 AM
According to Khaitan & Co. partner Moin Ladha, the Dhan Dhanya Krishi Yojna will assist farmers in becoming self-sufficient and lowering migration. He went on to say, "These measures will eventually limit migration to metro cities and allow for higher exports of produce outside India and boost cross-border trade."
Feb 1, 2025 11:36 AM
1. States will provide a three-year pipeline of projects that can be carried out through private-public partnership (PPP).
2. Every ministry involved in infrastructure must develop a three-year strategy that will be carried out using PPP.
3. The proposed expenditure for 50-year interest-free loans is ₹1.5 lakh crore.
Feb 1, 2025 11:35 AM
In order to provide young people with the skills they need for possibilities around the world, FM announced that five National Centers of Excellence for Skilling will be established.
In order to help India emerge as a major force in global industry, FM also pledged global skilling collaborations. IITs established after 2015 will have upgraded infrastructure to accommodate 6,500 additional students spread among five IITs. She stated that ₹500 crore will be spent to create a Center of Excellence for AI in Education.
Feb 1, 2025 11:35 AM
FM Nirmala Sitharaman declared that starting the following year, 10,000 more seats would be added to medical colleges.
Feb 1, 2025 11:34 AM
The FM also announced a new ₹5 lakh initiative for women, Scheduled Caste members, and Scheduled Tribe members, in addition to raising the credit limit for MSMEs.
Feb 1, 2025 11:32 AM
Through extensive governmental support and a comprehensive framework, a new manufacturing mission under the Make in India initiative will assist small, medium, and big companies. The goal of the mission is to establish an environment for grid-scale batteries, solar PV cells, and electrolysers.
Feb 1, 2025 11:31 AM
In addition to the government's current investment of Rs. 10,000 crore for startups, FM Nirmala Sitharaman announced a new contribution of an extra ₹10,000 crore.
Feb 1, 2025 11:28 AM
According to FM Sitharaman, a national institute of food technology would be founded in Bihar to boost farmer incomes, assist entrepreneurs, and promote growth.
Feb 1, 2025 11:28 AM
The government will put in place a plan to turn India into a global center for toy manufacture.
Feb 1, 2025 11:27 AM
The FM claims that the Dhan Dhaniya Krishi Yojna, which would work with states to cover 100 districts with low productivity, will assist 1.7 cr farmers in establishing rural prosperity. Additionally, she stated that the Yojana will create enough possibilities in rural areas to make migration a choice rather than a necessity, according to FM Sitharaman Nirmala
A new Fund of Funds (FoF) would be established with an increased scope and a new commitment of ₹10,000 crore. Over ₹9 lakh crore in pledges were made to FoF for startups.
The Finance Minister unveiled a special plan for the Indian footwear and leather industry that is anticipated to create jobs for 22 lakh people, bring in ₹4 lakh crore, and increase exports to more than ₹1.1 lakh crore.
India Post is expected to grow into a significant public logistics company. It seeks to become a driving force behind rural development and logistics with the help of 2.4 lakh dak sevaks and India Post Payments Bank.
FM All government secondary schools and basic health centers in rural areas would have access to broadband connectivity, according to Nirmala Sitharaman's announcement.
All MSMEs will have their investment and turnover thresholds raised to 2.5 and 2 times, respectively. They will feel more empowered to develop and create jobs for our young people as a result.
India Post should become a major logistics company, according to Nirmala Sitharaman's proposal.
In order to increase the amount of credit available to farmers, FM Nirmala Sitharaman declared that the Kisan Credit Card limit would be raised from ₹3 lakh to ₹5 lakh.
Feb 1, 2025 11:18 AM
Kisan Credit Card Limit Increased
FM In order to increase the amount of credit available to farmers, Nirmala Sitharaman declared that the Kisan Credit Card limit would be raised from ₹3 lakh to ₹5 lakh.
Feb 1, 2025 11:17 AM
FM said the government will support NCDCs
The government would support National Cooperatives Development Corporations (NCDCs) in their lending activities for the cooperative sector, according to the Budget 2025 Speech LIVE.
Feb 1, 2025 11:16 AM
1. "A urea plant will be established in Assam to further enhance the urea supply," states FM Sitharaman.
2. Three dormant urea facilities in the eastern area had been revived, and a factory with an annual capacity of 12.7 lakh metric tons was constructed up in Namrup, Assam
Feb 1, 2025 11:15 AM
According to the FM, out of all the main economies in the world, the Idnian economy is expanding at the fastest rate. "We believe that the next five years present a special chance to achieve 'Sabka Vikas,' promoting equitable development across all regions," adds FM Sitharaman Nirmala
Feb 1, 2025 11:13 AM
The Budget 2025's suggested development initiatives cover the domains of Garib, Youth, Annadata, and Nari.
Feb 1, 2025 11:12 AM
According to FM Sitharaman, "the proposed development measures in this Budget span 10 broad areas, with a focus on women, farmers, youth, and the poor."
Feb 1, 2025 11:11 AM
FM Out of all the major economies, ours is the one that is expanding the fastest, according to Sitharaman. The world has taken notice of our structural reforms and development performance during the last ten years. During this time, trust in India's abilities and potential has only increased. We believe that the next five years present a special chance to realize sabka vikas and promote equitable prosperity in every region.
Feb 1, 2025 11:10 AM
According to the Finance Minister, the goal is to "create ample opportunities so that migration is more."
Feb 1, 2025 11:09 AM
In live Speech on the Budget for 2025, the opposition has left the Lok Sabha
Feb 1, 2025 11:07 AM
FM At the Parliament, Nirmala Sitharaman gave the opening remarks of her budget speech.
In Parliament, Finance Minister Nirmala Sitharaman has started announcing the Budget 2025
Hemant Jain, president of the PHD Chamber of Commerce and Industry (PHDCCI), told ANI that the budget must make sure that the decline in growth over the past few years is addressed.
"This will be accomplished by increasing the amount of money in the hands of the populace and making doing business easier. We anticipate higher investments in the manufacturing and infrastructure sectors, as well as an improvement in income taxation that benefits the middle class," he stated.
Union Budget 2025 LIVE: "The real estate industry is hopeful about initiatives to lower building costs and improve affordability as the Union Budget 2025 draws near. Growth would be stimulated by lowering the GST on cement and permitting input tax credits for properties that are still under construction. Middle-class purchasers would profit from an increase in the home loan tax exemption ceiling, particularly in light of the growing cost of metropolitan dwelling. Infrastructure spending is still a top goal, and improved connection in smaller communities may open up new avenues for growth. These actions would promote sustainable growth and fortify the industry.
Prior to her budget presentation, Union Finance Minister Nirmala Sitharaman is fed the traditional "dahi-cheeni" (curd and sugar) by President Droupadi Murmu. The budget draft has received the President's approval, and the Cabinet will soon meet to endorse FM Sitharaman's seventh consecutive budget.
Salary workers anticipate the HRA exemption and the deduction of health insurance premiums under the new system with Budget 2024. Section 80C and 80D deductions should be improved, according to Abhishek Soni, CEO and co-founder of Tax2win.
Feb 1, 2025 10:07 AM
Robert Vadra, the husband of businessman and Congress MP Priyanka Gandhi, stated, "We have very little expectations from the government." The main problem has been inflation for a while, and people are having a lot of problems because of that. I would like Nirmala Sitharaman to be among the people and listen to them.
"Kumbh is still happening, but train and airline rates have gone up as well. The public interest should guide the Union Budget. According to Robert Vadra, who spoke to news agency ANI, "I think it is not about BJP or Congress or any other party; everyone should be united and the budget should be in the interest of the country and the people."
Feb 1, 2025 10:06 AM
After meeting with President Droupadi Murmu at Rashtrapati Bhavan, Finance Minister Nirmala Sitharaman makes her way to Parliament. The Lok Sabha will soon hear Nirmala Sitharaman's presentation of the Union Budget.
Feb 1, 2025, 9:47 AM
Before Finance Minister Nirmala Sitharaman presented the budget to the Lok Sabha today, copies of the Union Budget 2025 were brought to Parliament.
As Finance Minister Nirmala Sitharaman prepares to unveil the first comprehensive budget of Prime Minister Narendra Modi's third term, this is a pivotal day. The middle class is anxiously anticipating potential tax breaks and economic reforms, and expectations are high. All eyes are on the major developments that could influence India's financial destiny as the government concentrates on infrastructure, growth, and fiscal consolidation.
Surrounded by media questioning about the Union Budget 2025, MoS Finance Pankaj Chaudhary stated today, "Everything will be before you by 12 p.m...Have some patience. "You will learn everything..." Chief Economic Advisor Dr. V Anantha Nageswaran has arrived at the Ministry of Finance ahead of the presentation of the Union Budget 2025 by Finance Minister Nirmala Sitharaman in Parliament today. MoS Finance Pankaj Chaudhary has arrived at the Ministry of Finance prior to the presentation of the Union Budget 2025 by Finance Minister Nirmala Sitharaman, who will begin the presentation at 11 a.m. today.
New asset monetization and disinvestment plans are also anticipated to be introduced in the budget, perhaps surpassing the Rs 50,000 crore FY 2025 goal. Although tax revenue collections have been strong, the growth of GST is anticipated to slow down from the 11% increase in the previous year. India's GDP growth is expected to be between 6.3% and 6.8% in 2025–2026, according to the Economic Survey. However, this fiscal year could see a slight decline to 6.4%, the lowest level in four years.
India's stock markets have held up well in the face of international unpredictability, reaching all-time highs despite turbulence brought on by the election. Given the growing consumer credit and the growing financialization of domestic savings, today's budget will have a significant impact on India's economic future. Watch this space for updates on important fiscal policies and reforms that will influence the future of the country.
