Follow all the live Budget 2025 updates here
01 Feb 2025, 12:20 PM
FM announced tax benefits, stating that individuals earning ₹18 lakh annually will save ₹70,000 in taxes, while those with ₹25 lakh income will benefit by ₹1,10,000. The new tax slabs include a 20% tax on income between ₹16-20 lakh, 25% on ₹20-24 lakh, and 30% on earnings above ₹24 lakh.
01 Feb 2025, 12:18 PM
- Democracy, Demography and Demand are key pillars
- NIL tax slab to be raised to 12 lakhs other than SI like LTCG
01 Feb 2025, 12:17 PM
New tax regime
- 0 to 4 lakh - nil
- 4 lakh to 8 lakh - 5%
- 8 lakh to 12 lakh - 10%
- 12 lakh to 16 lakh - 15%
- 16 lakh to 20 lakh - 20%
- 20 lakh to 24 lakh- 25%
- Above 24 lakh - 30%
01 Feb 2025, 12:10 PM
- Vivad se Vishwas Scheme received a great response wherein 33000 taxpayers availed to settle discount
- 33,000 taxpayer utilized the VSVS scheme to settle disputes
01 Feb 2025, 12:09 PM
- Exempt withdrawals from NSS on after August 2024
- No tax on self occupied value
- Presumptive taxation scheme to be introduced for Non-residents providing services to resident companies (select companies / sectors will be covered) not a blanket provision that can be availed by all non-residents
- Extension of incorporation of startup- 5 years to allow benefit, to be incorporated before 1st April 2030
01 Feb 2025, 12:07 PM
Personal income tax reforms
- TDS & TCS rationalization
- reduction in rates & threshold. Limit to be increased
- TDS Limit for senior citizen interest increased to 1lac
- TCS limit on remittance under LRS is increased to 10lac from 7lacs
- removal of TCS on remittances for educational purpose. If remittance is done out of loan taken from financial institution.
- Higher TDS only on non PAN cases.
01 Feb 2025, 12:04 PM
Direct Tax:
Taxation reforms aims for new income tax bill with same spirit of ‘nyay’, as a means to achieve good governance
01 Feb 2025, 12:02 PM
- New Income Tax Bill to be clear and direct in text - close to half of present law in chapter and verse, thus making ir simpler to understand, leading to tax certainty and lesser disputes
- Simple to understand for taxpayers and tax litigators
01 Feb 2025, 12:01 PM
Time limit for use of imported goods to be extended from 6 month to 1 year
01 Feb 2025, 12:00 PM
Time limit for provisional assessment - of 2 years, extendable by a year for finalizing assessment
01 Feb 2025, 11:58 AM
- Exempt crust leather from 20%
- Leather sector to be fully exempt for value addition
- BCD on Frozen fish paste reduced from 30% to 5%
01 Feb 2025, 11:55 AM
- Customs:
- Remove 7 tariffs rates, only 8 to remain after this including 0 rate
- Levy not more than 1 cess or surcharge. Social welfare tariff surcharge to be exempted.
- 36 life savings drugs & medicines to be fully exempt from BCD.
- 6 life savings medicines to be included in full exemption in concession in BCD for manufacturers producing these medicines.
- 37 more medicines along with 13 new patient assistance program considered for duty concession.
manufacture of Lithium ion battery to be boosted on account of the proposed duty concession.
01 Feb 2025, 11:52 AM
- Fiscal policy - to beat fiscal deficit each year, debt remains on declining state
- Revised estimated - recipets - 31.47 lakh cr, net tax receipts
- Fiscal deficit is 4.8% of GDP
- Net Tax Receipts are about 28.37 lakh crore
- Budget Receipts - 34.6
- Budget expenditure - 50.6 lakh crore
01 Feb 2025, 11:50 AM
- Simplification of KYC process - new scheme to streamline the process in 2025 (edited)
- Company mergers and fastrack mergers to be made simpler
- Bilateral investment treaty - to encourage sustained foreign investment - made more investment friendly
- Ease of doing business - regulation up with global policy development and technology
- Investor Friendliness of States to be launched
- Four specific measures, high level committee, recommendations within a year, trust based economic government and inspection and compliances
01 Feb 2025, 11:47 AM
New income tax bill to be introduced next week
01 Feb 2025, 11:47 AM
- Investing in Innovation - Allocating 20000 crores
- PM Research fellowship = 10,000 fellowship to be provided in IIT and IISc (edited)
- Gene banks will be set up.
- National Geo Spatial Mission - to facilitate modernization of land records
- Gyaan Bharat Mission - conservation of manuscript heritage
- National Repository to be set up for knowledge sharing
- Exports - export promotion mission to be setup -facilitate easy access to funds, non-tariff measure in overseas market
- Digital public infrastructure to be setup for trade documentation (edited)
- Bharat Trade Net for international trade will be set up as a unified platform
- National Framework to be set up to enhance GCC in Tier 2 cities
- reforms as the fuel for convenience of taxpayers - faceless, faster returns, viwad se vishwas scheme,
- FDI limit for insurance increased from 74 to 100%
01 Feb 2025, 11:44 AM
- Medical Tourism and Heal in India with partnership from private sector
- It aims to carry 4cr additional passenger in next 10 years
01 Feb 2025, 11:43 AM
- Top 50 tourist destination sites to be developed - lands by states
- Hotels to be included in infrastructure
- Streamlined E-VISA along with visa free waiver to certain groups
01 Feb 2025, 11:42 AM
- Greenfield airport in Bihar!! Expansion of Patna airport
- affordable of mid income housing - 40000 units will be completed in 2025
- PM Gati Shakti for furthering Public Private Partnerships providing access to maps
01 Feb 2025, 11:40 AM
- UDAAN regional connectivity schemes for speedier travel
- UDAAN regional connectivity have benefitted 1.5 crore people
- UDAAN regional connectivity scheme- modified will be launched to enhance regional connectivity
- Aiming for 4 crore additional passenger in next 10 years
01 Feb 2025, 11:39 AM
- Ship building financial assistance policy to address cost disadvantage
- Maritime development fund with corpus of 25,000 crore to be setup for distributed support & promote competition
01 Feb 2025, 11:37 AM
- Additional borrowing allowed to states in power sector
- Nuclear Energy aims to produce 100 giga watts by 2047
01 Feb 2025, 11:35 AM
- Public infrastructure to have outlay of 1.5 lakh crore, thus providing interest free loan for states for capital expenditure
Since 2015 16000 households have received tap water connections - Jal Jeevan mission - since 2019 - to achieve 100 % commission - extension till 2028
- Jal Jeevan mission - extended till 2028 to achieve 100% coverage
- Urban sector reforms - Urban challenge fund - 1 lakh crore- to develop cities and water sanitisation
A 1.5 lakh crore for 50 year interest free loans will be provided for states for capex.
01 Feb 2025, 11:33 AM
- Public Private Partnerships
- Each ministry to come up with PPP proposal.
- Outlay of 1.5 lakh crore is proposed as interest free loans for a 50 year period for the states for infra development in states.
01 Feb 2025, 11:31 AM
- Gig workers on online platforms
- ID cards to be introduced
- Health care in PM Arogya Yojana
- Benefits 1cr gig workers
01 Feb 2025, 11:30 AM
- A scheme for urban upliftment to be set up to help improve the earning of urban worker
- Social Security Scheme for welfare of online platform workers
- PM Svanidhi scheme will be revamped with UPI linked credit card with Rs. 30,000 limit.
01 Feb 2025, 11:29 AM
- Medical education - 1.15 UG and PG seats in 10 years aiming for 130% increase
- 10000 seats to be added next year 75000 setas in next 5 years
- day care and cancer centers in all district hospitals in next 3 years - 200 centers in 2025-26
01 Feb 2025, 11:27 AM
- Expansion of capacity in IIT schemes - in 23 IITs, an increase of 100% from 65,000 in last 10 years.
- Additional infrasture will be created in 5 more IITs to facilitate education
- IIT patna will also be expanded
- Three centers of excellence in AI for education to be added with total outlay of 5000 crores
01 Feb 2025, 11:25 AM
- For the toys sector, the government will implement a scheme to make India a global manufacturing hub
- Broadband connectivity to be provided to all govt secondary schools
- Bhartiya Bhasha Viksit Scheme to implement education in India languages to help students understand subject matter better
01 Feb 2025, 11:23 AM
Suction Anganwadi Potion 2.0 to be implemented for 1 crore mothers, 20 lakh girls in specific areas
01 Feb 2025, 11:22 AM
- New scheme for 5 lakh women, SC, ST and first time time entrepreneurs, aiming to provide term loans upto 2 cr for 5 years.
- In the sector of food processing, FM aims to establish national institute of food tech, entrepreneurship and management in bihar
- A Focus Product Scheme for footwear and leather products introduced, expected to create employment opportunities for 22 lakh people.
- National manufacturing mission to be set up for furthering make in India.
01 Feb 2025, 11:17 AM
- MSME is the second engine of the economy 5.7crores, with over 1 crore registered
- MSME responsible for 45% of exports
- MSME custom credit cards to be provided with a limit of 5 lakhs
- 10 lakh credit cards to be provided
- Credit Guarantee fund to be increased from 5 crore to 10 crore for micro enterprises
01 Feb 2025, 11:15 AM
KISAN credit cards to be provided for 7.74 crore farmers and fishermen
01 Feb 2025, 11:14 AM
Viksit Bharat Encompasses:
- Zero poverty
- 100% quality, good school education
- Access to high quality, affordable and comprehensive healthcare
- 100% skilled labour with meaningful employment
- 70% women in economic activities
- farmers making India the food basket of the world
01 Feb 2025, 11:13 AM
Makhana board - Bihar to improve production and marketing on Makhana
01 Feb 2025, 11:12 AM
Six-year mission for Atmanirbharta will be implemented
Comprehensive program for consumption of vegetable and fruits
Institutional mechanisms for FPO and corporations will be set up
01 Feb 2025, 11:10 AM
FM aims to improve employment opportunities in rural areas stating “migration is an option, not a requirement”
01 Feb 2025, 11:08 AM
Prime Minister Dhan Dhanya Krishi Yojna aims to cover 100 districts to:
- Enhance agriculture productivity
- Improve irrigation facilities
- Long term & short term credit facilities
01 Feb 2025, 11:06 AM
Investing in economy - 4 main pillars are infrastructure, agriculture and MSME, investments and exports
01 Feb 2025, 11:05 AM
"Aspirations for Viksit Bharat inspires us, our economy is the fastest growing economy", Says FM Sitharaman
01 Feb 2025, 11:03 AM
Union Budget 2025 commences
01 Feb 2025, 11:02 AM
The Union Cabinet, led by Prime Minister Narendra Modi, approved the 2025 Budget on Saturday before its presentation in Parliament.
01 Feb 2025, 10:46 AM
Union Home Minister Amit Shah arrives at Parliament ahead of the tabling of the Union Budget 2025
01 Feb 2025, 10:43 AM
PM Modi arrived for the Cabinet meeting alongside Finance Minister Nirmala Sitharaman to finalize the Union Budget ahead of its presentation.
01 Feb 2025, 10:29 AM
Finance Minister Nirmala Sitharaman will present her 8th Budget using a digital tablet housed in a 'bahi-khata' pouch, continuing the tradition she introduced in 2019
01 Feb 2025, 10:26 AM
FM Nirmala Sitharaman is wearing a Madhubani art saree gifted by Padma awardee Dulari Devi, whom she met during a credit outreach at Mithila Art Institute. Devi requested FM to wear it as a tribute to Madhubani Art.
01 Feb 2025, 10:18 AM
Union finance minister Nirmala Sitharaman arrives at the Parliament, meets President Droupadi Murmu
Budget 2025 Expectations for Salaried Individuals