Budget 2025 Key Highlights New tax slab update

UNION MINISTER OF FINANCE AND CORPORATE AFFAIRS SMT. NIRMALA SITHARAMAN PRESENTED THE UNION BUDGET 2025-26 IN PARLIAMENT TODAY. HERE IS THE SUMMARY OF HER BUDGET SPEECH  

Budget 2025 Key Highlights: New tax slab update  

Budget 2025 Key Highlights: According to the Ministry of Finance, the revised income tax slabs under the new tax regime will attract the following:   

Budget 2025 Key Highlights: The new income tax deduction slabs  

Budget 2025 Key Highlights: Under the new income tax slab of the new tax regime, the government of India has highlighted that under the income bracket of up to ₹12 lakh, the tax collected by the government after the deduction of the benefits will be Net Zero.   

• No income tax on the average monthly income of up to Rs 1 lakh; to boost middle-class household savings & Consumption
• Salaried class to pay nil income tax up to ₹ 12.75 lakh per annum in new tax regime  

UNION BUDGET RECOGNISES 4 ENGINES OF DEVELOPMENT  

1. Agriculture
2. MSME
3. Investment
4. Exports

• Benefitting 1.7 crore farmers, ‘PRIME MINISTER DHAN-DHAANYA KRISHI YOJANA’ to cover 100 low agricultural productivity districts
• “MISSION FOR AATMANIRBHARTA IN PULSES” with a special focus on tur, urad, and masoor to be launched
• Loans up to Rs. 5 lakhs through KCC under a modified interest subvention scheme
• FY-25 is estimated to end with a fiscal deficit of 4.8%, with the target to bring it down to 4.4% in fy-26
• Significant enhancement of credit with guarantee cover to MSMEs from ₹ 5 cr to ₹ 10 cr
• A national manufacturing mission covering small, medium, and large industries for furthering “MAKE IN INDIA”
• 50,000 ATAL tinkering labs in government schools in the next 5 years
• Centre of excellence in artificial intelligence for education, with a total outlay of ₹ 500 crore
• PM SVANIDHI with enhanced loans from banks, and UPI-linked credit cards with ₹ 30,000 limit
• Gig workers to get identity cards, and registration on e-shram portal &  healthcare under PM JAN AROGYA YOJANA.
• ₹ 1 lakh crore urban challenge fund for ‘CITIES AS GROWTH HUBS’
• Nuclear energy mission for r&d of small modular reactors with an outlay of ₹ 20,000 crore.
• Modified UDAN SCHEME to enhance regional connectivity to 120 new destinations
• ₹ 15,000 crore SWAMIH FUND to be established for expeditious completion of another 1 lakh stressed housing units.
• ₹ 20,000 crore was allocated for private sector-driven research development and innovation initiatives.
• GYAN BHARATAM MISSION for survey and conservation of manuscripts to cover more than one crore manuscripts.
• JAN VISHWAS BILL 2.0 will be introduced for decriminalizing more than 100 provisions in various laws.
• Updated INCOME TAX RETURNS TIME limit increased from two to four years delay in TCS payment decriminalized TDS on rent increased from ₹ 2.4 lakh to ₹ 6 lakh
• To boost battery production, additional capital goods for EV AND MOBILE BATTERY manufacturing exempted bcd is exempted for 10 years on raw materials & components used for shipbuilding bcd reduced from 30% to 5% on frozen fish paste and 15% to 5% on fish hydrolysate  

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