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Relief for Middle Class on ‘Maghi Ganesh Jayanti’

  • Union Budget 2025

  •  Zero Tax up to Rs 12 lakh
Finance Minister Nirmala Sitharaman

New Delhi – The Union Finance Minister Nirmala Sitharaman presented the budget for the financial year 2025-26 on 01.02.2025 at 11.00 a.m. Income tax structure has been revised in this budget and an income up to Rs 12 lakh has been exempt from tax. This decision will create a burden of Rs one trillion on the income received through direct taxes while indirect tax receipts will bear the burden of Rs 2,600 crore. The Union Finance Minister Nirmala Sitharaman informed that the new Tax Bill will be presented in the budgetary session in the next week.

Many changes have been made in this budget in the customs duty which will benefit different sectors from medicines to industrial products. Ten sectors have been paid special attention including farming, manufacturing, employment, micro, small, and medium industries, development of rural areas and research.

Revised budgetary estimates for the financial year 2025-26

  • Total Receipts : Rs 34.96 lakh crore
  • Tax Receipts : Rs 28.87 lakh crore
  • Total estimated expenditure : Rs 47.16 lakh crore  
  • Total Fiscal Deficit : 4.4% of GDP

What will be the revised tax structure ?

Income (Rs) Tax (%)
0 to 4 lakh 0
4 to 8 lakh 5
8 to 12 lakh 10
12 to 16 lakh 15
16 to 20 lakh 20
20 to 24 lakh 25
Above 24 lakh 30

As per the revised proposal, there will be no income tax  up to the income of Rs 12 lakh. The tax shown at 15% will not be charged; but income with more than 12 lakh will draw full tax. This exemption will be available even for those drawing salary of up to Rs 12.75 lakh per annum.

Highlights of the budget

  • Increase in TDS limit from Rs 50,000 to Rs 1 lakh for senior citizens
  • Broadband facility will be made available for all Government schools and primary health centres
  • Ten thousand seats will be increased in medical colleges next year and there will be an increase of 75,000 seats in the next five years.
  • Toys manufactured under ‘Made in India’ scheme will be given a boost for the global market
  • A provision of Rs 500 crore proposed for setting up Artificial Intelligence (AI) centres across the country
  • All districts in the country will have ‘Cancer Daycare Centres’ in the next three years with 200 such centres to be built in the coming financial year
  • Announcement of setting up ‘National Food Technology Institute’ in Bihar. There will be expansion of IIT in the State and 3 new airports will also be built.
  • The first-time women entrepreneurs will get term loan up to Rs 2 crore
  • Fifty tourist sites will be developed in partnership with the States

Important announcements for farmers

  • Kisan Credit Card limit to be raised from Rs 3 lakh to Rs 5 lakh
  • PM Dhan-Dhaanya Krishi Yojana to benefit 100 districts across the country
  • Dairy and Fishing Industry to get loans up to Rs 5 lakh

What will become cheap ?

  • Electrical vehicles and lithium-ion batteries used in cell phones
  • Mobile phones
  • E-cars
  • LED TV
  • Things made from cloth
  • TV parts made in India
  • Total 36 lifesaving drugs and medicines used for serious ailments like cancer
  • Other 6 lifesaving drugs
  • Leather items

Sloganeering by opposition parties on the issue of Maha Kumbha stampede

Members of opposition parties demanded to hold discussions on the incident of stampede at Maha Kumbha while Finance Minister Nirmala Sitharaman was presenting the budget. The demand was, however, not accepted; therefore, the opposition members left the session. The stampede resulted in the death of 30 people while 60 people were injured.

Budget will fulfil the aspirations of 140 crore Indians – PM Modi

Prime Minister Narendra Modi

The budget presented today in the Parliament will fulfil aspirations of 140 crore Indians. It will add momentum to India’s goal of ‘Vikasit Bharat’. This budget will definitely increase the savings of our citizens and will accelerate the country’s journey towards development. It will also help the ‘Atmanirbhar Bharat’ mission, stated Prime Minister Narendra Modi while hailing the budget.

CM Hails Union Budget as a ‘Dream Budget’ for Middle Class

Maharashtra Chief Minister Devendra Fadanvis

Mumbai – Maharashtra Chief Minister Devendra Fadanvis  welcomed the increase in the income tax exemption limit from Rs 7 lakh to Rs 12 lakh. He said that Maharashtra has now become a ‘Startup Capital’ of India. Startups are creating maximum jobs. With a loan limit of Rs 20 crore for startups, this budget will accelerate the growth of new businesses and create employment opportunities. Various announcements in the budget will help the middle class, salaried individuals and youth, stated CM Fadanvis.

CM Fadanvis added,

“This budget is a milestone in the history of the Indian economy. Selecting 100 districts under agriculture and key provisions such as special incentives for oilseed production is a big decision of the Central Government, and a policy ensuring 100 % procurement, will certainly benefit farmers to get more money. Many new schemes have been announced. It will boost investment in the private sector and create employment.”

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