Highlights of Budget 2025: 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  

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

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Highlights of Budget 2025: New income tax cut slabs      

Highlights of Budget 2025: Under the new income tax slabs of the new tax regime, the Government of India has highlighted that under the income limit of up to ₹12 lakh, the tax collected by the government will be net after deducting benefits. Zero.       

1. No income tax on average monthly income up to Rs 1 lakh; Promoting middle-class household savings and consumption
2. In the new tax system, the salaried class will have to pay zero income tax up to ₹ 12.75 lakh per year.      

4 Engines of growth have been recognized in the Union Budget      

1. agriculture
2. MSME
3. investment
4. export

• Benefitting 1.7 crore farmers, 'Pradhan Mantri Dhan-Dhanya Krishi Yojana' will cover 100 low agricultural productivity districts
• “Mission for Self-Reliance in Pulses” to be launched with special focus on Tur, Urad and Masoor
• Loan up to Rs. Rs 5 lakh through KCC under the revised interest subvention scheme
• Fiscal deficit is estimated to end at 4.8% in FY-25, with a target of reducing it to 4.4% in FY-26.
• Significant increase in loans to MSMEs with guarantee cover from ₹5 crore to ₹10 crore
• A National Manufacturing Mission covering small, medium and large industries to pursue “Make in India”
• 50,000 Atal Tinkering Labs in government schools in the next 5 years
• Center of Excellence in Artificial Intelligence for Education, with a total outlay of ₹ 500 crore
• PM Swanidhi with enhanced loans from banks, and UPI-linked credit cards with a limit of ₹ 30,000
• Gig workers will get identity cards, and registration on the e-Shram portal and healthcare under the PM Jan Arogya Yojana.
• ₹1 lakh crore Urban Challenge Fund for 'Cities as Growth Hubs'
• Atomic Energy Mission for R&D of small modular reactors with an outlay of ₹20,000 crore.
• Revised UDAN scheme to increase regional connectivity to 120 new destinations
• An owner fund of ₹ 15,000 crore will be set up for early completion of another 1 lakh stressed housing units.
• ₹20,000 crore allocated for research development and innovation initiatives driven by the private sector.
• Gyan Bharatam Mission for survey and conservation of manuscripts covering over one crore manuscripts.
• Jan Vishwas Bill 2.0 will be introduced to decriminalize more than 100 provisions in various laws.
• Deadline for updated income tax returns extended 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 have been exempted for 10 years on raw materials and components used for shipbuilding, BCD on frozen fish paste has been reduced by 30% It has been reduced from 15% to 5% and on fish hydrolyzate has been reduced from 15% to 5%.      

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