The Union Budget 2025-26 has been presented in Parliament on 1 February 2025.This is the 8th consecutive time that Finance Minister Nirmala Sitharaman presented the budget. In Budget 2025-26, emphasis has been laid on important issues like tax policies, spending priorities and subsidies.In a historic announcement, the Finance Minister said that income up to Rs 12 lakh will be tax-free, if the person does not have special interest income.
Creating history, Finance Minister Nirmala Sitharaman has presented the Union Budget 2025-26 in Parliament on 1 February 2025. This is the 8th consecutive time that Finance Minister Nirmala Sitharaman presented the budget.In this budget, special allocation is expected for various sectors like agriculture, industry, health, and education, which will provide relief to the general public and increase employment opportunities. This budget is an important step towards self-reliant India.Finance Minister Nirmala Sitharaman said that the FDI limit in the insurance sector will be increased from 74% to 100%.
Now no income tax on income up to Rs 12 lakh. The Finance Minister says that the new regime will have the following new tax slabs and rates, which will make income up to 12 lakh tax-free, if the person does not have special interest income.
Tariff Rates: After the seven removed in Budget 2023-24, 7 additional tariff rates will be phased out. This cut will result in only eight remaining tariff rates, one of which will be set to zero. Duty rates will remain largely unchanged, with only minor cuts for a few select items.
Cess and Surcharges: Cess and Surcharge Amendment The government plans to impose a maximum of one cess or surcharge on 82 tariff lines, exempting them from social welfare surcharge.
