Srinagar/ New Delhi, Feb 01: ANB: Union Finance Minister Nirmala Sitharaman today announced that zero income tax will be levied till ₹12 lakh income under the revised new tax regime.
While presenting the Budget in the Parliament, the Finance Minister said the new and “simpler” income tax bill will be introduced next week.
According to the reports soon after Sitharaman’s budget address, Prime Minister Narendra Modi hailed the Union Budget as a "Force Multiplier" for India's development journey, describing it as a "budget of aspirations" for 140 crore Indians.
We have summed up the key points of the Union Budget 2025:
No income tax will be levied up to ₹12 lakh under the new tax regime.
New classification criteria for MSMEs, a modified ‘Udaan’ scheme, focused on promoting footwear and leather sectors.
Additional 75,000 medical seats in the next five years.
Kisan Credit Card limit increased to ₹ 5 lakh.
PM Dhan-Dhanya Yojana announced.
TDS and TCS will be reduced, which will leave more money in the hands of people. TDS deducted from salary will be reduced.
Exemption on rent will also be increased from 2.5 lakh to 6 lakh.
TCS will now be deducted only from those without PAN.
Facility of updated return has also been provided, which will benefit 90 lakh taxpayers.
Meanwhile, PM Modi called it a ‘people’s budget’ stating that the budget will increase savings, investments, consumption and growth. The PM said that Union Budget 2025 focuses not on filling government's coffers but filling the pockets of the people of the country. (ANB)
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