New Delhi (Business Correspondent): Union Finance Minister Nirmala Sitaraman presented the union budget 2025 in the parliament on Saturday. Here are the highlights of the budget:
1. Kisan Credit Card limit enhanced from Rs. 3 lakh to Rs. 5 lakh
2. Additional Infra in 5 IIT’s set up after 2014. IIT Patna to be expanded
3. 10,000 more seats to be added in medical colleges in next year and 75,000 in next five years
4. Rs. 500 Cr. for Centre for Excellence in AI
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
Direct and Indirect tax
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 upto 12,00,000
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 enhance from Rs. 50,000 to Rs. 1,00,000
9. TCS removed on remittance for education purposes
10. ‘Updated Return’ time limit enhanced to 4 years from present 2 years
Government has revised the tax rate structure in the Union Budget 2025-26!
The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment.#UnionBudget2025… pic.twitter.com/lWyV5Jl4Mz
— Ministry of Information and Broadcasting (@MIB_India) February 1, 2025
