Budget 2025 Highlights: PDF Download, Key Takeaways and Important Points

The much-awaited Union Budget 2025 by Finance Minister Nirmala Sitharaman, was presented on February 1, 2025, which focused on a new landmark for India's economic trajectory to make growth all-inclusive, which is aimed at empowering the poor, the youth, the farmer, and women. In a bid to strengthen long-term sustainable growth through taxation, infrastructure, agriculture, and digitalisation, this budget comes with a strong reform measure in these key sectors. Read on to find out the major highlights and key takeaways from Budget 2025.

Budget 2025: Download Budget 2025

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Click on the link to download the Budget 2025 speech: Download here

1. Direct Tax Proposals

Introduction of a New Tax Bill

A new Income Tax Bill will be introduced in this week, which aims to replace the existing Income Tax Act of 1961. This bill is designed to simplify tax compliance and reduce the complexity of current tax laws by up to 60%.

Changes in Tax Structure Under the New Regime

Under the New tax regime, the tax structure is revised as follows:

Increase in Rebate u/s 87A

Under the new tax regime, the rebate has been significantly increased from Rs. 25,000 to Rs. 60,000. This means that individuals with an income of up to Rs. 12,00,000 will now be eligible for a complete tax rebate, resulting in zero tax liability.

Rationalisation of TDS/TCS for Easing Difficulties

The Union Budget 2025 proposed the rationalisation of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) to ease compliance challenges for taxpayers especially for middle-income earners. The government has raised the threshold limits across various TDS sections, aiming to simplify the tax process. The proposed changes are as follows:

Note: 

• The Tax Collected at Source (TCS) will be removed on remittances made for educational purposes when these remittances are financed through loans from specified financial institutions (Section 80E).
• The Tax Collected at Source (TCS) on the purchase of goods will be removed, effective from April 1, 2025.
• The higher TDS rate will apply in cases where taxpayers do not provide PAN.

Extension of Time-Limit for ITR-U

The deadline for taxpayers to file updated income tax returns has been extended from 2 years to 4 years from the end of the relevant assessment year. This will make compliance with tax provisions voluntary by giving more time for tax filing and rectifying tax returns with ease, consequently ensuring a clean and efficient taxing process. The additional tax has to be paid while filing the ITR-U. The amount of additional tax that has to be paid is as follows:

Withdrawal of Amount from NSS - Exempt

Withdrawals from National Savings Scheme (NSS) accounts will be exempt from tax starting August 29, 2024. This tax relief is especially significant for senior citizens.

Extension of Tax Benefits Under 80CCD(1B) to Contributions Made to NPS Vatsalya Accounts

The same tax benefits available for NPS contributions under Section 80CCD(1B) will now apply to contributions made to NPS Vatsalya accounts, allowing Rs. 50,000 deduction under the old regime if you have invested in the NPS vatsalya scheme. 

What is NPS Vatsalya Scheme? 

In short, NPS Vatsalya Scheme is a financial investment through which parent or guardian can contribute on behalf of their minor children. Minimum contribution is Rs.1000 per annum.

Omission of Sections 206AB and 206CCA

In Budget 2025, Sections 206AB and 206CCA, were removed. These sections imposed higher TDS and TCS rates—either twice the prescribed rate or 5%—on non-filers with aggregate TDS/TCS of Rs. 50,000 or more. While intended to motivate taxpayers, these provisions led to significant compliance challenges, particularly for businesses and small taxpayers, as verifying return filings became cumbersome. The removal of these sections aims to reduce the compliance burden and simplify the tax process, with the amendments set to take effect from April 1, 2025.

Extension of Deadline for Eligible Start-ups 

In Budget 2025, the deadline for the incorporation of eligible start-ups, which was originally set for 2025, has been extended to 2030 to avail of the tax holiday benefits. 

Insertion of Section 44BBD

A new provision, Section 44BBD, is proposed to be inserted in the Income Tax Act for the Financial Year 2025-2026. This section introduces a presumptive taxation scheme specifically for non-residents who provide services or technology to Indian companies engaged in electronics manufacturing. Under this provision, 25% of the amounts paid or payable to non-residents, or received or receivable by them for providing such services or technology, will be considered as their gross receipts for tax purposes. The main objective of this provision is to incentivise the growth of the Indian electronics sector by facilitating the infusion of advanced technology and services from international providers. This move aligns with India’s focus on strengthening its electronics manufacturing ecosystem and attracting global expertise to drive innovation and growth.

Inclusions of ULIPs and  in Capital Asset

Unit-Linked Insurance Plans (ULIPs) are insurance products that also serve as investment vehicles, with a portion of the premium invested in the stock market. Previously, only ULIPs with an annual premium above Rs. 2.5 lakh were considered capital assets. However, it is proposed to consider ULIPs as capital assets where the premium exceeds 10% of the policy’s sum assured. Additionally, It is proposed to amend Section 2(14) to clarify that securities held by investment funds under Section 115UB, will be treated as capital assets.

Introduction of the Arm's Length Price Scheme for International Transactions

The government announced a scheme to determine the arm's length price of international transactions over a block period of three years. This approach is designed to simplify transfer pricing regulations and offer an alternative to the annual examination process typically required for such transactions. Furthermore, the government has announced an expansion of safe harbour rules, which are intended to minimize litigation and enhance clarity in international taxation matters.

2. Indirect Tax Proposals

Rationalisation of Customs Tariff and Duty Inversion:

• Removal of 7 more tariff rates over and above the 7 tariff rates that were removed in 2023-24 budget, leaving only 8 rates, including ‘zero’ rate.
• Only one cess or surcharge per item to be levied; exempting Social Welfare Surcharge on 82 tariff lines with cess.

Healthcare Relief – Duty Exemptions on Medicines:

• 36 lifesaving drugs/medicines to be granted a full Basic Customs Duty (BCD) exemption, in a bid to provide relief to patients, particularly those suffering from cancer, rare diseases and other severe chronic diseases; 6 lifesaving medicines to be granted a concessional 5% customs duty. Full exemption and concessional duty on the bulk drugs for manufacturing the former.
• BCD exemption for patient-assistance programmes run by pharmaceutical companies, provided the medicines are supplied free of cost to patients; 37 new medicines and 13 additional programmes to be added.

Boosting Domestic Manufacturing – Key Customs Proposals for Certain Industries:

• Critical minerals: Full BCD exemption on 25 critical minerals that are not available domestically. Cobalt powder, lithium-ion battery scrap, lead, zinc, and 12 more critical minerals are fully exempt to support domestic manufacturing and job creation.
• Textiles: Full exemption on two additional types of shuttle-less looms for technical textiles; Revised BCD on knitted fabrics: Now 20% or ₹115/kg, whichever is higher.
• Electronics: To rectify inverted duty structure, BCD on Interactive Flat Panel Display (IFPD) increased from 10% to 20% and reduced to 5% on open cell and other components; Open cell components on LCD/LED TVs will now stand fully exempted from BCD to boost domestic manufacturing.
• Lithium-Ion Battery: BCD on 35 capital goods for EV battery manufacturing to be exempted along with 28 additional capital goods for mobile phone battery manufacturing.
• Shipping: BCD exemption on raw materials, components, consumables for shipbuilding for another 10 years; Same benefit to be extended to shipbreaking to boost competitiveness.
• Telecommunication: BCD to be reduced from 20% to 10% on carrier grade ethernet switches to make it at par with non-carrier grade ethernet switches.

Export Promotion Initiatives - Handicrafts, Leather, Marine, and MRO

• Handicrafts: Export time extended from 6 months to 1 year, with an additional 3-month extension, if needed; 9 more duty-free inputs added to the list.
• Leather: Full BCD exemption on Wet Blue leather to boost domestic production and jobs; Export duty exemption of 20% on crust leather to support small tanners.
• Marine products: BCD on Frozen Fish Paste (Surimi) cut from 30% to 5% to enhance exports; BCD on fish hydrolysate reduced from 15% to 5% for shrimp and fish feed production.
• Railway MROs: Extended time limit for the repair of foreign-origin railway goods from 6 months to 1 year, with a 1-year further extension option (same as aircraft and ships).

Key Customs Reforms for Trade Facilitation

• New time limit for provisional assessment: A new time limit of two years (extendable by one year) to be introduced to finalise provisional assessments. 
• Voluntary compliance initiative: Importers/exporters can soon voluntarily declare material facts post-clearance and pay duty with interest but without penalty. However, this will not apply in cases where audit or investigation proceedings have already been initiated.
• Extended time for end-use compliance: Time limit for utilising imported inputs extended from six months to one year. Further, quarterly reporting will replace monthly statements, reducing administrative burden.

Amendments in Section 107 and 112 of the CGST Act, 2017

• Section 107(6) is being amended to provide for 10% mandatory pre-deposit of penalty amount for appeals before Appellate Authority in cases involving only demand of penalty without any demand for tax. 
• Section 112(8) is amended to provide for 10% mandatory pre-deposit of penalty amount for appeals before Appellate Tribunal in cases involving only demand of penalty without any demand for tax.

Insertion of a new section 122B of the CGST Act, 2017

A new Section 122B is being inserted to provide penalties for contraventions of provisions related to the Track and Trace Mechanism provided under section 148A.

Amendments in Section 34 of the CGST Act, 2017

The Finance Minister amended the Proviso to sub-section (2) to explicitly provide for the requirement of reversal of corresponding input tax credit in respect of a credit-note. It means if the supplier issues a credit note for reducing their tax liability, the recipient must reverse the corresponding ITC, if already availed. Now businesses should enhance systems/processes to monitor credit note-related ITC reversals efficiently.

Amendments in Section 38 of the CGST Act, 2017 

Section 38(1) is being amended to omit the expression "autogenerated" indicating that the ITC statement i.e. GSTR-2B may no longer be entirely system-generated. Businesses now might need to validate and reconcile invoices and ITC through Invoice Management System (IMS) rather than relying solely on system-generated data. Also, a new clause (c) to sec 38(2) is added, allowing the government to specify additional details in the ITC statement through rules.

3. Highlights of Various Sectors

Agriculture

• National Mission on High Yielding Seeds: The National Mission on High-Yielding Seeds will be launched to drive research and commercial availability of over 100 climate-resilient and pest-resistant seed varieties released since July 2024.
• Building Rural Prosperity and Resilience: The government will launch a comprehensive multi-sectoral programme to address under-employment in agriculture through investment, skilling, technology, and invigorating the rural economy will be launched in partnership with states. The Phase I of this programme will cover 100 developing agri-districts.
• Prime Minister Dhan-Dhaanya Krishi Yojana: The government will launch the Prime Minister Dhan-Dhaanya Krishi Yojana in 100 low-productivity districts to boost agriculture, irrigation and storage. The initiative will benefit 1.7 crore farmers.
• Comprehensive Programme for Vegetables & Fruits: A comprehensive programme for vegetables and fruits will be launched in partnership with states to promote efficient supplies, processing, production, and remunerative prices for farmers.
• Makhana Board: A Makhana Board will be established in Bihar to enhance production, processing, value addition and marketing of Makhana. Farmer Producer Organisations will class farmers and ensure access to government benefits.
• Fisheries: A new framework will enable sustainable fisheries development in India’s Exclusive Economic Zone and High Seas, focusing on the Andaman & Nicobar and Lakshadweep Islands.
• Urea Plant: To boost urea supply, the government will set up a new plant with a 12.7 lakh metric ton annual capacity in Namrup, Assam. It has also reopened 3 dormant urea plants to support Atmanirbharta in urea production.
• Credit Enhancement Under KCC: The loan limit under the Modified Interest Subvention Scheme for Kisan Credit Cards (KCC) will increase from Rs. 3 lakh to Rs. 5 lakh, supporting 7.7 crore farmers, fishermen, and dairy farmers.
• Mission for Cotton Productivity: A new 5-year ‘Mission for Cotton Productivity’ will be introduced to facilitate productivity and sustainability of cotton farming. It will also promote extra-long staple cotton varieties.  
• Aatmanirbharta in Pulses: The government is set to launch a 6-year initiative, Mission for Aatmanirbharta in Pulses, specifically targeting Tur, Urad, and Masoor pulses. Central agencies (NAFED and NCCF) will procure these pulses from registered farmers during the next 4 years.

MSMEs

• Revision in Classification for MSMEs: The classification limit of MSMEs is revised and increased. The new classification is as follows:
  • Micro enterprises are those in which the investment does not exceed Rs. 2.5 crore, and the turnover does not exceed Rs. 10 crore.
  • Small enterprises are those in which the investment does not exceed Rs. 25 crore, and the turnover does not exceed Rs. 100 crore.
  • Medium enterprises are those in which the investment does not exceed Rs. 125 crore, and the turnover does not exceed Rs. 500 crore.
• Enhancement of Credit Availability: There has been a significant enhancement in credit availability, which is as follows:
  • Micro and Small enterprises credit guarantee cover will be enhanced to Rs. 10 crore from the present Rs. 5 crore. The benefit will accrue over the next 5 years, translating to an additional Rs. 1.5 lakh crore in credit.
  • The credit guarantee cover for startups will be enhanced to Rs. 20 crore from the present Rs. 10 crore, with the guarantee fee being moderated to 1% for loans in 27 focus sectors providing for Atmanirbhar Bharat.
  • Credit guarantee is increased for term loans up to Rs. 20 crore for well-run exporter MSMEs.
• Credit Cards for Micro Enterprises: Credit cards with a Rs. 5 lakh limit will be introduced for micro-enterprises registered on the Udyam portal. In the first year, 10 lakh cards will be issued.
• New Fund of Funds: A new Fund of Funds will be set up with expanded scope and a fresh contribution of Rs. 10,000.
• New Scheme for First-Time Entrepreneurs: A new scheme will be introduced for 5 lakh women, Scheduled Castes and Scheduled Tribes first-time entrepreneurs. This scheme will provide term loans up to Rs. 2 crore for the next 5 years. Online capacity building for managerial skills entrepreneurship will also be organised. 
• Scheme for Footwear and Leather Sectors: A focus product scheme will be implemented to support the production of non-leather quality footwear. It will facilitate 22 lakh jobs, with a turnover of Rs. 4 lakh crore of revenues and Rs. 1.1 lakh crore in exports.
• Scheme for Toy Sector: A new scheme will be implemented to make India a global hub for toys. The scheme will focus on developing skills and clusters and create a manufacturing ecosystem with sustainable toys representing the 'Made in India' brand.
• Support for Food Processing: A National Institute of Food Technology, Entrepreneurship, and Management will be established in Bihar to boost food processing activities in the entire Eastern region.
• Manufacturing Mission: A National Manufacturing Mission will be established to cover small, medium, and large industries. This mission will support ‘Make in India’ by executing roadmaps, providing policy support, and providing a governance and monitoring framework for central ministries and states.
• Clean Tech Manufacturing Mission: A Mission to support Clean Tech manufacturing will be set up to improve domestic value addition and build our ecosystem for EV batteries, solar PV cells, electrolyzers, motors and controllers, wind turbines, very high voltage transmission equipment and grid scale batteries.  

Investments

Investment in People

• Saksham Anganwadi and Poshan: Saksham Anganwadi & Poshan 2.0 to deliver improved nutrition to 8 crore children, 1 crore pregnant women, and 20 lakh adolescent girls. 
• Atal Tinkering Labs: 50,000 Atal Tinkering Labs to be set up in government schools in the next 5 years for curiosity and innovation.
• Broadband Connectivity: Broadband connectivity to be provided in all government secondary schools and rural primary health centres under the BharatNet project.
• Bharatiya Bhasha Pustak Scheme: Bharatiya Bhasha Pustak Scheme to offer digital books for school and higher education in Indian languages.
• National Centres of Excellence: 5 National Centres of Excellence for Skilling to be launched with global partnerships for ‘Make for India, Make for the World’ manufacturing. A Rs. 500 crore AI Centre of Excellence will be set up to focus on education.
• Expansion of Capacity in IITs: IIT infrastructure expansion to add 6,500 seats in 5 IITs set up after 2014, along with additional facilities at IIT Patna.
• Expansion of Capacity in Medical Education: 10,000 medical seats to be added next year, with a goal of 75,000 seats in 5 years. 
• Daycare Cancer Centres: Daycare Cancer Centres to be established in all district hospitals, with 200 centres to be initiated in 2025-26.
• Scheme for Urban Workers: A new scheme for the socio-economic upliftment of urban workers will be launched to improve their incomes, sustainable livelihoods, and quality of life. 
• Scheme Online Platform Workers: Online platform gig workers to be issued identity cards, e-Shram registration, and PM Jan Arogya Yojana health cover.
• PM SVANidhi Scheme: PM SVANidhi scheme to be overhauled with increased loans, Rs. 30,000 UPI-linked credit cards, and capacity-building support.

Investment in Economy

• Public Private Partnership in Infrastructure: Infrastructure-related ministries to develop a 3-year pipeline of projects in PPP mode.
• Support to States: States are proposed to receive 50-year interest-free loans with an outlay of Rs. 1.5 lakh crore for capital expenditure and incentives for reforms. 
• Second Asset Monetization Plan: Second Asset Monetization Plan (2025-30) to unlock Rs. 10 lakh crore for new projects.
• Jal Jeevan Mission: Jal Jeevan Mission to be extended till 2028 with an increased total outlay. 
• Urban Challenge Fund: Rs. 1 lakh crore Urban Challenge Fund to implement the proposals for ‘Creative Redevelopment of Cities’, ‘Cities as Growth Hubs’ and ‘Water and Sanitation’ announced in the previous Budget.
• Nuclear Energy Mission: Amendments to be taken up in the Atomic Energy Act and the Civil Liability for Nuclear Damage Act. Nuclear Energy Mission for research and development of Small Modular Reactors (SMR) to be set up with Rs. 20,000 crore with 5 indigenously developed SMRs to be operational by 2033.
• Maritime Development Fund: Maritime Development Fund to provide long-term finance for the sector with a size of Rs. 25,000 crore, with up to 49% contribution by the government and the balance from private sector and ports.
• Shipbuilding Financial Assistance Policy: The Shipbuilding Financial Assistance Policy will be revamped to include Credit Notes for shipbreaking in Indian yards and changes in the Shipbuilding Clusters. Large ships above a specified size will be included in the infrastructure Harmonized Master List (HML).
• UDAN Scheme: A modified UDAN Scheme will be launched to connect 120 new destinations, carrying 4 crore additional passengers in 10 years. This will also support helipads and smaller airports in aspirational, hilly, and North East region districts.
• Greenfield Airports: Greenfield airports will be developed in Bihar. Along with that, there will be an expansion of Patna and a brownfield airport at Bihta.
• Western Koshi Canal Project: Western Koshi Canal ERM project that will benefit 50,000 hectares of land under cultivation in Bihar.
• Mining Sector Reforms: Introduction of a policy for recovery of critical minerals from tailings.
• SWAMIH Fund 2: SWAMIH (Special Window for Affordable and Mid-Income Housing) Fund 2, which has a size of Rs. 15,000 crore, will fasten the completion of 1 lakh pending dwelling units, with contribution from the banks, government, and private investors.
• Tourism for Employment-Led Growth: Top 50 tourist destinations to be developed in partnership with states through a challenge mode. The following measures to be taken for employment-led growth: 
  • Organising intensive skill-development programmes for youth, including in Institutes of Hospitality Management 
  • Providing MUDRA loans for homestays 
  • Improving ease of connectivity and travel to tourist destinations
  • Providing performance-linked incentives to states for effective destination management 
  • Introducing streamlined e-visa facilities and visa-fee waivers for certain tourist groups
• FDI in Insurance Sector: The FDI limit in the insurance sector is raised from 74% to 100% for companies that invest the entire premium within India.
• Credit Enhancement Facility by NaBFID: NaBFID to launch 'Partial Credit Enhancement Facility' for supporting corporate bonds for infrastructure projects.
• KYC Simplification: Revamped Central KYC Registry will be launched in 2025 for seamless processing of the KYC.
• Grameen Credit Score: Public Sector Banks to develop a ‘Grameen Credit Score’ framework for credit needs of SHG members and people in rural areas.
• Pension Sector: A forum for development and regulatory coordination of pension products to be set up.
• Bilateral Investment Treaties: The existing Bilateral Investment Treaties (BIT) model of 2024, signed between two countries is now being updated to the effect of long-term foreign investment through 'First Develop India' approach.
• Regulatory Reforms: A High-Level Committee for Regulatory Reforms would be formed for the review of regulations of non-financial sectors, certifications, licenses, and permissions.
• Jan Vishwas Bill 2.0: Jan Vishwas Bill 2.0 will be introduced for the decriminalization of more than 100 legal provisions.
• Investment Friendliness Index of States: Introduction of an Investment Friendliness Index of States in 2025 to further competitive cooperative federalism.

Investment in Innovation

• R & D and Innovation: Rs. 20,000 crore allocated for private sector-led Research, Development and Innovation announced in the previous Budget.
• Deep Tech Fund of Funds: Deep Tech Fund of Funds to be explored for catalysing the next generation startup.
• PM Research Fellowship scheme: 10,000 fellowships to be provided in the next 5-years under the PM Research Fellowship scheme for technological research in IITs and IISc. 
• National Geospatial Mission: A National Geospatial Mission to be launched to develop foundational geospatial data and infrastructure. 
• Gyan Bharatam Mission: Gyan Bharatam Mission to be undertaken for survey, documentation, and conservation of over 1 crore manuscripts. 
• Gene Bank: Second Gene Bank with 10 lakh germplasm lines to be set up for future food and nutritional security.

Exports

• Export Promotion Mission: The Export Promotion Mission will be set up to facilitate easy access to cross-border factoring support, export credit, and support for MSMEs to tackle non-tariff measures in overseas markets with sectoral and ministerial targets, driven jointly by the Ministries of MSME, commerce, and finance.
• BharatTradeNet: A platform for digital public infrastructure, ‘BharatTradeNet’ (BTN), will be launched to ease documentation and financing in trade, complementing the Unified Logistics Interface Platform. This will align with international norms.
• Integration with Global Supply Chains: The government will identify key sectors to integrate with global supply chains and develop domestic manufacturing capacities. Facilitation groups comprising senior officials and industry representatives will support select products and supply chains.
• National Framework for GCC: A national guidance framework will be implemented to attract GCCs (Global Capability Centres) to tier-2 cities through enhancing talent and infrastructure. 
• Warehousing Facility: Infrastructure and warehousing for air cargo, especially high-value perishable horticulture products, will be modernised. Cargo screening and customs procedures will be streamlined to improve efficiency and user-friendliness.

How Budget 2025 Affects Different People in Society?

Salaried Middle Class

• The relaxation of slab rates provides much less tax incidence on salaried middle class income earners. Apparently, salary income of Rs.12,75,000 has nil tax liability without any tax saving deductions. The tax incidence can be brought to nil using rebate. Check out the article for knowing ways to save taxes.
• An additional slab is introduced of Rs.20,00,000 to Rs.24,00,000. The tax rate for that slab rate is 25%. Since an additional slab rate is introduced, income that was to be taxed at 30% will now be taxed at 25%. This has reduced the tax incidence of income around Rs.20 Lakhs to Rs.25 Lakhs.
• Broadly speaking, if you have interest income from bank, no TDS needs to be deducted if the interest income does not exceed Rs.50,000. Previously, this limit was Rs.40,000.
• If you have missed filing return on income for any of previous 4 assessment years, an updated return can be filed, which will avoid income tax notices and penalties. Previously, this limit was for previous 2 assessment years.
• The benefits available u/s 80CCD(1B) for contribution to NPS schemes is now extended to NPS Vatsalya accounts. Now you can contribute to this scheme on behalf of minor children and claim deduction on the contribution made.   

Business Income Earners

If you are running a business, this budget has introduced many relaxations that may ease the compliance burden and promote growth

• If you are a running a business and you are transacting with a vendor for whom TDS needs to be deducted, you first need to check if the person has filed his income tax return properly for the preceding financial year. If the person has not filed returns, a higher rate of TDS needs to be deducted by you. This is the gist of section 206AB. Similar provision for TCS is section 206CCA. Section 206AB and 206CCA are abolished in Budget 2025. Now the businesses don't have to check the return filing status of their vendors before deducting TDS for them.
• The deadline for incorporation of start-up to claim deduction under the section 80IAC has now been extended till 2030. If you are a start-up eligible under section 80IAC, you can claim deduction under this section even if you start your business until 2030. 
• In Budget 2025, the classification limits for MSMEs have been relaxed. As a result, entities that previously exceeded the investment and turnover limits and were not eligible for MSME status can now benefit from the advantages available to MSMEs under the new, relaxed criteria.
• Credit Guarantee cover of prescribed MSME's has been increased, making the business more accessible to credit. If the loan is availed through credit guarantee cover, there is no need for third party guarantee or collateral.
• Basic Customs Duty of various goods has now been exempted and reduced to promote domestic manufacturing and encouraging investments in priority sectors.

Senior Citizens

• Broadly speaking, bank interest up-to Rs.1,00,000 per annum is not subject to TDS deduction. This limit was previously Rs.50,000.
• Withdrawals from National Savings Scheme (NSS) accounts will be exempt from tax starting August 29, 2024. Senior citizens are predominantly benefitted from this amendment

Budget 2025 PDF Download

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