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Business News/ Budget / News/  Union Budget 2025 LIVE: Over 1 crore taxpayers will pay ZERO tax, says FM Nirmala Sitharaman
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Union Budget 2025 LIVE: Over 1 crore taxpayers will pay ZERO tax, says FM Nirmala Sitharaman

Union Budget 2025 LIVE: During the Union Budget 2025 announcements, Finance Minister Nirmala Sitharaman said that under the new tax slabs, over one crore taxpayers will be exempt from paying taxes

Union Budget 2025 LIVE: Over 1 crore taxpayers will pay ZERO tax, says FM Nirmala Sitharaman (Bloomberg)Premium
Union Budget 2025 LIVE: Over 1 crore taxpayers will pay ZERO tax, says FM Nirmala Sitharaman (Bloomberg)

Union Budget 2025 LIVE: Union Finance Minister Nirmala Sitharaman on February 1 announced her eighth consecutive Union Budget 2025 in the Lok Sabha. For salaried individuals, Sitharaman announced that no income tax would be payable for income up to 12.75 lakh under the new tax regime, besides a host of other measures. 

In the Union Budget 2025, Nirmala Sitharaman also proposed to rationalise tax deduction at source (TDS) by reducing the number of rates and thresholds above which TDS is deducted. Other key reforms introduced were related to rent payments, remittances, National Savings Scheme (NSS), NPS Vatsalya, higher education, sale of goods and decriminalisation of offenders.

Under the new tax scheme announced under the Union Budget 2025, Nirmala Sitharaman said that over one crore taxpayers would be exempt from paying taxes.

Key changes in Income Tax Slabs in Budget 2025:

FM Nirmala Sitharaman announced zero income tax on income up to 12 lakh income under the new tax regime. Here are the following tax slabs and rates:

SalaryIncome Tax Rates
0-4 lakhNil
4-5 lakh5 per cent
8-12 lakh10 per cent
12-16 lakh15 per cent
16- 20 lakh20 per cent
20-24 lakh25 per cent
Above 24 lakh30 per cent

Income Tax changes a relief for middle-class?

From zero tax on income of up to 12 lakh to cutting the income tax rates proposed in the new tax regime, Budget 2025 came as a much needed relief for the India's middle class. Here's how much tax you'll save in the new regime after Budget 2025.

PM Narendra Modi claimed the Union Budget 2025 will increase savings, consumption and growth.

Budget Speech 2025 key-takeaways

Here are some of the key-takeaways from FM Nirmala Sitharaman's Budget speech:

1) Fiscal deficit: The fiscal deficit for FY25 is set at 4.8%, while the estimated fiscal deficit for FY26 stands at 4.4%.

2) On Jan Vishwas Bill: Jan Vishwas Bill 2.0 to be introduced to decriminalise over 100 provisions. Investment friendly index of States to be launched in 2025.

3) Revised tariff rates: Propose removal of 7 tariff rates over an above those in removed in earlier budget. Only 8 tariff rates to remain after the new move.

4) FM announced an outlay of 1.5 lakh crore for 50-year interest free loans to states for capex and infrastructure.

5) FM announced that 36 live savings drugs and medicines fully exempted from basic customs duty.

Track real-time coverage of Income tax announcements LIVE as the middle class awaits possible slab revisions, and stay informed on the share market impact as it unfolds.

01 Feb 2025, 10:31:29 PM IST

Budget 2025 LIVE: Will mobile phones become cheaper?

Mobile phones are likely to get cheaper as 28 additional goods which are used in mobile phone battery production have been added to the exempted capital goods list.

01 Feb 2025, 10:29:23 PM IST

Budget 2025 LIVE: Will taxpayers now have more money?

According to tax experts, increasing the threshold for TDS/TCS on various payments and foreign remittances is likely to improve cash flows for the taxpayers.

01 Feb 2025, 10:22:18 PM IST

Budget 2025 LIVE: What's in store for first-time home buyers?

 Taxpayers can now claim the annual value of two self-occupied properties as nil, exempting them from notional rental income taxation. Earlier, only one property could be claimed as self-occupied, with additional properties taxed based on deemed rental income.

01 Feb 2025, 10:15:50 PM IST

Budget 2025 LIVE: Godrej Enterprises CEO says Budget 2025 will ‘drive growth in critical sectors’

Anil G. Verma, Executive Director and CEO Godrej Enterprises Group says the Union Budget 2025 has paved the way for growth in critical sectors such as clean energy, aerospace, and defence.

01 Feb 2025, 10:11:21 PM IST

Budget 2025 LIVE: Will the Union Budget increase savings? Here's what PM Modi said

PM Modi said this budget is a “force multiplier" and will ‘increase savings’ 

This budget is a force multiplier. This budget will increase savings, investment, consumption and growth rapidly -- PM Modi
View Full Image
This budget is a force multiplier. This budget will increase savings, investment, consumption and growth rapidly -- PM Modi
01 Feb 2025, 10:02:59 PM IST

Budget 2025 LIVE: ‘Still hoping for exemptions on TCS for global travellers…’ says co-founder of Niyo

“ On the international travel front, while the increase in the Liberalized Remittance Scheme (LRS) limit to 10 lakh is a step forward, we were hoping for exemptions on TCS for global travellers which remains a concern," says Vinay Bagri, co-founder & CEO, Niyo

01 Feb 2025, 09:27:36 PM IST

Budget 2025 LIVE: What are the key metrics to watch for FY2025-26?

Budget 2025 LIVE: According to Nirmala Sitharaman's Budget 2025-26 announcement, these are the key metrics to look for in the upcoming financial year. 

1. Total receipts (excluding borrowings) - 34.96 lakh crore

2. Net tax receipts - 28.37 lakh crore

3. Total expenditure - 50.65 lakh crore

4. Capital expenditure - 11.2 lakh crore

5. Fiscal deficit - 4.4 per cent of GDP

(As per the budget estimates of FY2025-26)

01 Feb 2025, 09:02:19 PM IST

Budget 2025 LIVE: What's becoming more expensive after this budget?

Budget 2025 LIVE: According to Union Finance Minister Nirmala Sitharaman's announcement, imported touch-display panels and knitted fabrics are set to become more expensive. 

01 Feb 2025, 08:47:40 PM IST

Budget 2025 LIVE: How is this year's Budget different from the previous one?

In 2020, a new tax regime was introduced for taxpayers and in 2024, capital gain structure was revamped. Meanwhile, in Budget 2025, Nirmala Sitharaman announced that no income tax would be payable for income up to 12.75 lakh under the new tax regime

01 Feb 2025, 08:41:19 PM IST

Budget 2025 LIVE: Where does India stand in terms of income tax rates?

In India, the highest income tax rate is 30 percent for individuals in the top income bracket, with an additional surcharge of up to 25 or 37 percent, depending on which tax regime they are under. In the US, the maximum income tax rate is 37 percent, which applies to income exceeding $609,000, roughly equivalent to 5.3 crore.

01 Feb 2025, 08:38:04 PM IST

Budget 2025 LIVE: Do young tax-payers gain the most?

The new tax regime is likely to be more advantageous for younger taxpayers as they are not required to make forced investments. The change in tax slabs under the new tax regime would further enable taxpayers to adopt more advantageous wealth creation plans and even take risks.

01 Feb 2025, 08:34:06 PM IST

Budget 2025 LIVE: Will the income tax boost act as cushion for stock market bulls?

According to experts, the Budget 2025's focus on giving relief to the middle class by raising the tax exemption limit will likely leave more spare money in the hands of investors. Some of this amount is likely to move to stock markets.

01 Feb 2025, 08:23:14 PM IST

Budget 2025 LIVE:  Who will the new tax regime benefit?

According to the new tax slab changes by Nirmala Sitharaman, the new tax regime aims to ensure that individuals have more disposable income to spend and invest in the manner they want. The new regime has brought the tax slabs down for the middle-income and low-income earners.

01 Feb 2025, 08:01:50 PM IST

Budget 2025 LIVE: ‘Improve financial health…’ says Suzlon's Vice Chairman

Suzlon's Vice Chairman Girish Tanti says the expected outcomes from Budget 2025 are promising. He added that the incentives for electricity distribution reforms and intra-state transmission upgrades will likely improve the financial health of power companies.

01 Feb 2025, 07:42:30 PM IST

Budget 2025 LIVE: Where should investors now focus? 

Analysts believe the budget remains positive for investors, favouring consumption-driven sectors. Experts answer on where should investors focus post Budget.

01 Feb 2025, 07:27:39 PM IST

Budget 2025 LIVE:  Where does the money go? See pic

Government expenditures are diversified to support national security, promote public welfare, and drive economic development.

Union Budget 2025: Know where the rupee goes to
View Full Image
Union Budget 2025: Know where the rupee goes to
01 Feb 2025, 07:22:11 PM IST

Budget 2025 LIVE: Where does the Indian govt's money come from?

The government's money, which it plans to spend during the financial year 2025-26 comes from tax revenue collections , non-tax revenue earnings (9%) from dividends, earnings and fees.

01 Feb 2025, 07:12:16 PM IST

Budget 2025 LIVE: ‘Importance of fostering innovation…’ says Tata Technologies MD

Tata Technologies MD Warren Harris says, “the allocation of 500 crore for a Centre of Excellence in Artificial Intelligence for education underscores the importance of fostering innovation and research in AI."

01 Feb 2025, 07:04:35 PM IST

Budget 2025 LIVE: How much will the Indian govt spend in total?

The Indian government will spend a total of 50.65 lakh crore during the financial year 2025-26 as per the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman

01 Feb 2025, 06:55:59 PM IST

Budget 2025 LIVE: Indian stock market indices end flat

Indian stock market indices, Sensex and Nifty 50, ended flat amid high volatility today, 1 February 2025, after the Union Budget 2025-2026 was presented in the Parliament.

01 Feb 2025, 06:36:55 PM IST

Budget 2025 LIVE: ‘Expected to generate 3-4 lakh crore multiplier…’ says Aditya Birla Sun Life MD 

A Balasubramanian, MD and CEO of Aditya Birla Sun Life AMC Ltd says that the “~1.5 lakh crore capital expenditure/investment is expected to generate a ~ 3-4 lakh crore multiplier boost to the economy." Expected interest rate cuts will also fuel economic expansion and employment, added the MD

01 Feb 2025, 06:33:31 PM IST

Budget 2025 LIVE: What's dearer after the Budget?

Imported touch-display panels, and knitted fabrics have become ‘dearer’ after the Budget, as the the custom duty structure on it has been changed to 20 per cent or Rs115/kg, or whichever is higher.

01 Feb 2025, 06:25:49 PM IST

Budget 2025 LIVE: ‘Funds for startups have already attracted…’ says MD of The Wealth Company

Funds for start-ups and the alternate investment fund (AIF) have already attracted commitments exceeding 91,000 crore, says The Wealth Company MD, Madhu Lunawat. 

01 Feb 2025, 06:22:17 PM IST

Budget 2025 LIVE: ‘Drive investment…’ says TATA AIG General Insurance MD

TATA AIG General Insurance MD, Amit Ganorkar says “ The increase in FDI limits will drive investment and enhance efficiency." He also added that the exemption from basic custom duty will reduce the financial burden on patients.

01 Feb 2025, 06:17:45 PM IST

Budget 2025 LIVE: ‘Boost to the corporate bond market…’ says Bank Of Baroda MD

Bank of Baroda MD, Debadatta Chand, says “There is boost to the corporate bond market including municipal bonds which will have a big role to play in financing investment required in the coming years."

01 Feb 2025, 06:11:39 PM IST

Budget 2025 LIVE: ‘Hit the right balance…’ says MD of L&T Finance Ltd

“Budget announcements for FY26 have managed to hit the right balance between the need for a consumption stimulus and structural support towards a sustainable growth path for the economy," says Sudipta Roy, MD & CEO, L&T Finance Ltd

01 Feb 2025, 06:04:07 PM IST

Budget 2025 LIVE: ‘Brahmastra fired by FM Nirmala Sitharaman…’ says Hinduja Group Chairman

GP Hinduja, Chairman, Hinduja Group says the Union Budget 2025 has proved to be a 'Brahmastra' fired by finance minister Nirmala Sitharaman.

01 Feb 2025, 05:52:35 PM IST

Budget 2025 LIVE: ‘Helps, no hurts…’ say experts

The budget proposals have proved to be a relief for the the middle class, and has paved the way for “helps, no hurts" outcome for the capital markets and investor community, says Gokul Chaudhri, President – Tax, Deloitte India

01 Feb 2025, 05:50:03 PM IST

Budget 2025 LIVE: More money in the hands of tax payers?

FM Nirmala Sitharaman, during the press conference post Budget, said that taxpayers now have more money, after the change in income tax slabs. Hemal Thakkar, senior practice leader at Crisil Intelligence agreed with the same, and said that more money in the hands of taxpayers would add momentum to sectors such as two-wheelers and consumer durables.

01 Feb 2025, 05:45:31 PM IST

Budget 2025 LIVE:  A glimpse at the Income Tax slabs under the new regime

With zero income tax for salaries up to 12 lakh, finance minister Nirmala Sitharaman announced a massive tax relief for salaried employees in Budget 2025

View Full Image
(Mint)
01 Feb 2025, 05:40:09 PM IST

Budget 2025 LIVE: ‘Provide impetus for growth…’ says SAM Co

“ SWAMIH Fund – 2 will provide an impetus for growth of the real estate sector," says Mrinal Kumar, partner at Shardul Amarchand Mangaldas Co. The SWAMIH Fund 2 aims at helping middle class families who are paying EMIs on loan taken for apartment and also paying rent for current dwelling units.

01 Feb 2025, 05:37:07 PM IST

Budget 2025 LIVE: Capital expenditure increased to ₹11.2 lakh crore

The capital expenditure for the financial year 2025-2026 has been raised to 11.2 lakh crore. This move is “new and refreshing, packed with initiatives that promise to boost consumption, entrepreneurship, agriculture and economic growth," says Subhash Chand Aggarwal, Chairman & MD, SMC Global Securities Ltd

01 Feb 2025, 05:33:09 PM IST

Budget 2025 LIVE: Time limit to file tax returns increased in Budget 2025

The Union Budget 2025 has extended the time limit to file updated tax returns from 24 months to 48 months from the end of the relevant assessment year.

01 Feb 2025, 05:30:44 PM IST

Budget 2025 LIVE: What changes in NPS Vatsalya after Budget 2025?

After the Union Budget 2025, NPS Vatsalya contributions—a pension scheme for children—are now officially eligible for tax deductions under Section 80CCD of the Income-tax Act, 1961.

01 Feb 2025, 05:29:35 PM IST

Budget 2025 LIVE: Glimpse into FM Sitharaman's announcements in areas of personal finance

National Savings Scheme (NSS) withdrawals made on or after 29 August 2024, will be tax-exempt for amounts previously eligible for deductions, said FM Nirmala Sitharaman

01 Feb 2025, 05:24:57 PM IST

Budget 2025 LIVE: Custom duty exemptions on  Wet Blue Leather

FM Nirmala Sitharaman decided to fully exempt the basic customs duty on Wet Blue Leather. India aims to help imports for domestic value addition and employment.

01 Feb 2025, 05:22:07 PM IST

Budget 2025 LIVE: ‘Appears to be an attempt of the govt…’ says Partner IndusLaw

Shashi Mathews, partner at IndusLaw says the Union Budget 2025 ‘appears to be an attempt of the Government' to prescribe a limitation period of one year in respect of amendment of bills of entry.

01 Feb 2025, 05:11:46 PM IST

Budget 2025 LIVE: ‘Only the new regime has…’ says Deepak Shenoy

Deepak Shenoy highlighted that only the new tax regime has changed. “The old regime charges 30% if you make more than 10L, but you get exemptions," he added.

01 Feb 2025, 05:09:16 PM IST

Budget 2025 LIVE: ‘Equitable economic participation…’ says co-founder of Stashfin

Tushar Agarwal, co-founder of Stashfin says the Union Budget 2025 has paved the way for strengthening India’s financial ecosystem, particularly for first-time entrepreneurs.

01 Feb 2025, 05:03:15 PM IST

Budget 2025 LIVE: ‘Boost infrastructure development…’ says Kamdhenu Ltd. CMD

“ The allocation of Rs. 15,000 crore towards SWAMI Fund 2 and the setting up of Urban challenge fund of Rs. 1 lakh Crore for redevelopment of cities will boost infrastructure development and demand for construction materials," says Satish Kumar Agarwal, CMD, Kamdhenu Limited.

01 Feb 2025, 04:55:32 PM IST

Budget 2025 LIVE: ‘Boost to purchasing power…’ says MD, Optiemus Electronics

A. Gururaj, MD of Optiemus Electronics says “ the Union budget has rightfully given impetus on boosting the purchasing power of a large population with Tax relaxation and support to Agriculture and farming community."

01 Feb 2025, 04:48:52 PM IST

Budget 2025 LIVE: ‘More money in hands of taxpayers…’ says FM Nirmala Sitharaman

The government has put “substantial amount of money in hands of people through I-T rate rejig in Budget" says FM Nirmala Sitharaman.

01 Feb 2025, 04:45:53 PM IST

Budget 2025 LIVE: ‘Over 1 cr people will pay no income tax…’ says FM

FM Nirmala Sitharaman, during the press conference after Budget 2025, said that over 1 crore more people will pay no income tax due to hike in rebate to 12 lakh in FY26 Budget.

01 Feb 2025, 04:43:18 PM IST

Budget 2025 LIVE: Which tax regime should you opt for to make the most out of your income?

FM Nirmala Sitharaman announced there will be no income tax for salaried taxpayers earning up to 12.75 lakh in the new tax regime. Should you choose the new tax regime? Read here.

01 Feb 2025, 04:40:10 PM IST

Budget 2025 LIVE: ‘Focus on Heal in India…’ says Dr. Reddy’s Laboratories Limited Chairman

The Budget has provided for “resilience in the healthcare infrastructure of the country through cancer day centres," says Satish Reddy, Dr. Reddy’s Laboratories Limited Chairman. The budget has paved the way for ‘Heal in India,' added Satish Reddy.

01 Feb 2025, 04:32:29 PM IST

Budget 2025 LIVE: ‘Will bring reforms designed to…’ says Deloitte India executive director

“ The new income tax bill is expected to be introduced next week, and will bring in reforms designed to ensure tax certainty and reduce litigation," says Deloitte India executive director Deepika Mathur.

01 Feb 2025, 04:30:46 PM IST

Budget 2025 LIVE: ‘Move towards self-sufficiency…’ says Crisil Ratings director

“ The new 1.27 million tonne plant, to be set up in Assam, will augment the domestic urea manufacturing capacity by ~4%, reducing import dependency," says Crisil Ratings director Anand Kulkarni. He also added that the addition of the new urea plant will help the fertiliser sector move towards self-sufficiency.

01 Feb 2025, 04:22:21 PM IST

Nirmala Sitharaman PC LIVE: ‘We didn’t want the old tax regime copied…' says FM

FM Nirmala Sitharaman says that the govt did not want to repeat the old tax regime. The focus was on a new tax regime, that would bring the rates down, added the FM.

01 Feb 2025, 04:19:32 PM IST

Nirmala Sitharaman PC LIVE: ‘Everybody across the board is benefitting…’ says FM 

Nirmala Sitharaman says that the changes in the Income Tax slabs would benefit all people across all the different tax stratas.

01 Feb 2025, 04:16:45 PM IST

Nirmala Sitharaman PC LIVE: Press Conference after Budget 2025 begins

Press conference with Nirmala Sitharaman begins

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