Highlights of Union Budget 2025

 

Highlights of Union Budget 2025

     

Tax Related Matter

 

1. New Income tax Bill Next Week
2. New Income tax Bill to be simple and close to present
3. Personal Income Tax Reforms for Middle class
4. NIL Income tax up to 12,00,000 

Under the new income tax regime, no income tax is payable for income up to ₹12 lakh!  This is a big relief for many taxpayers, reducing the tax burden for middle-income earners.

NEW TAX REGIME STRUCTURE:

0-4 LK : NIL
4-8 LK : 5%
8-12 LK: 10%
12-16 LK: 15%
16-20 LK: 20
20-24 LK: 25%
ABOVE 24 LK: 30%

5. Income Tax slab changed
6. TDS and TCS rationalize
7. Limit for TDS on rent increased from Rs. 2.4 lakh to Rs. 6 lakh
8. Limit for TDS on Senior citizens enhanced from Rs. 50,000 to Rs. 1,00,000
9. TCS removed remittance for education purposes.
10. Updated Return time limit enhanced to 4 years from present 2 years.

General


1. 10,000 more seats to be added in medical colleges in next year and 75,000 in next five years
2.  Additional Infra in 5 IIT’s set up after 2014. IIT Patna to be expanded
3.  Rs. 500 Cr. for the Centre for Excellence in AI

4. Kisan Credit Card limit enhanced from Rs. 3 lakh to Rs. 5 lakh
5.  Social Welfare Scheme for GIG workers
6.  Extension of Jal Jeevan Mission till 2028
7.  Urban Challenge Fund of Rs. 1 lakh crore to be set up
8.  Green field airports to be facilitated in Bihar in addition to Patna airport
9.  Rs. 20,000 Cr. for Private Sector R&D
10. Top 50 tourist destinations to be developed. Focus on destinations linked to Budha
11. ‘Heal in India’ to be promoted
12. FDI limit for Insurance sector to be raised to 100% if entire premium invested in India.
13. Revamped KYC Registry to be rolled out
14. Customs: Rationalize tariff structure
15. 36 life saving drugs exempt from duty & 5% duty on 6 life saving drugs

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