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Business News/ Economy / Union Budget 2025 Highlights: From income tax bonanza to consumption boost, FM's roadmap for Viksit Bharat
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Union Budget 2025 Highlights: From income tax bonanza to consumption boost, FM's roadmap for Viksit Bharat

Union Budget 2025 Highlights: FM Nirmala Sitharaman's announcement on February 1 brings a gift for the Indian middle class with no tax payable up to 12 lakh income. The Union Budget also focused on boosting credit for MSMEs and startups and schemes related to employment

Union Budget 2025 Highlights: Finance Minister Nirmala Sitharaman announced the Union Budget speech in Lok Sabha on February 1. Premium
Union Budget 2025 Highlights: Finance Minister Nirmala Sitharaman announced the Union Budget speech in Lok Sabha on February 1.

Union Budget 2025 Highlights: Union Finance Minister Nirmala Sitharaman presented her 8th budget on Saturday, February 1, 2025. The Budget announcement brought a series of key announcements for the nation's middle class.  One of the most discussed developments among the budget announcements has been no income tax up to 12 lakh.

The Finance Bill is set to be tabled next week, according to the Finance Minister. 

The first part of the Parliament's Budget session began on January 31 and will end on February 13, 2025. The second part will commence on March 10 and conclude on April 4, 2025. Here are key takeaways from Union Budget 2025

Top Budget 2025 Key Highlights 

  • New Tax Update: Nirmala Sitharaman, in the Budget 2025 announcement, proposed revised tax rates, which highlights that income up to 12 lakh will draw zero income tax rates under the new tax regime. 
  • Capex: India's capital expenditure (Capex) rises to 11.21 crore as per the budget estimates of FY2025-26, the budget estimates of FY2024-25 was at 11.11 lakh crore, according to the budget data.
  • Bihar Makhana: Budget 2025 announced India's plans to create a Makhana Board, which will be established in Bihar to improve the production, processing, value addition, and marketing of Makhana. 
  • Job Scheme: The Modi 3.0 government accounted its plans to generate 22 lakh jobs in the economy through this scheme. India aims to enhance the productivity, quality, and competitiveness of India’s footwear and leather sector. 
  • UDAN Scheme: The government also plans to launch a modified version of the UDAN Scheme, which aims to enhance regional connectivity to 120 new destinations and carry 4 crore passengers in the coming 10 years. 

Budget day today

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Track Income Tax Budget 2025 LIVE updates with Mint as middle-class pins hope on FM for tweaks in income tax slabs.

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02 Feb 2025, 07:08:49 AM IST

Union Budget 2025 Highlights: Boost to agriculture production and subsidised credit

Union Budget 2025 Highlights: To boost India's agriculture sector, FM Sitharaman announced multiple agriculture support schemes, expanded credit limit for farmers, MSMEs, and startups. There was a focus on boosting cultivation of pulses and cotton.

02 Feb 2025, 07:05:39 AM IST

Union Budget 2025 Highlights: Sitharaman's gives a boost to gig economy

Union Budget 2025 Highlights: Finance Minister Nirmala Sitharaman included the gig economy workers to Centre's several employment welfare schemes. Now, gig economy workers can take the benefit of identity cards and be enrolled in a national registry to ensure their inclusion in welfare schemes

01 Feb 2025, 10:22:39 PM IST

Union Budget 2025 Highlights: India's Nuclear Move

Union Budget 2025 Highlights: According to Nirmala Sitharaman's Budget announcement, the government plans to launch a Nuclear Energy Mission for research and development of Small Modular Reactors (SMR). 

India allocated 20,000 crore for it to be set up and said that it will develop five SMRs, which would be operational by 2033. 

01 Feb 2025, 10:11:17 PM IST

Union Budget 2025 Highlights: Budget Speech's hot topic ‘Bihar’ 

Union Budget 2025 Highlights: According to Nirmala Sitharaman's announcement and the Budget speech, Bihar remained the hot topic for the government this year. Sitharaman mentioned Bihar six times in her entire speech, the Finance Minister did not name any other state during the Lok Sabha and Nation address. 

Proposals ranged from Makhana Board to Greenfield Airports, as per the budget announcement. 

01 Feb 2025, 10:06:32 PM IST

Union Budget 2025 Highlights: What are the ABCD of Budget 2025?

Union Budget 2025 Highlights: Take a look at the ABCD of Budget 2025 - 

A - Aatmanirbhar Agriculture 

B - Bihar 

C - Consumption Boost 

D - Deep Tech 

E - Electric Vehicles 

F - Fund of Funds for Startups 

G - Gig Workers 

H - Heal in India 

I - Insurance 

J - Jal Jeevan Mission 

K - Knowledge Economy 

L – Labour-intensive sectors 

M – MSMEs 

N – Nuclear energy 

O - Overseas trade 

P – Poets and paeans 

Q – Quality over quantity 

R – Red tape 

S – Shipbuilding ahoy! 

T - Tourism 

U – UDAN 

V – View(s) from the Top 

W – Warehousing 

X – X-factor 

Y - Youth 

Z – Zen and the art of fiscal maintenance

01 Feb 2025, 09:42:10 PM IST

Union Budget 2025 Highlights: IT and Telecom allocations dropped to ₹95,298 crore for FY2025-26.

Union Budget 2025 Highlights: According to the Union Budget data, the IT and Telecom sector allocations dropped to 95,298 crore for FY2025-26, while the FY2024-25 budget estimates were at 1.16 lakh crore. 

01 Feb 2025, 09:21:24 PM IST

Union Budget 2025 Highlights: What are the important numbers in today's budget? 

Union Budget 2025 Highlights: Union Finance Minister Nirmala Sitharaman announced the Budget 2025-26 on February 1. Among other things, these were the most important numbers for the day: 

1. Total receipts (excluding borrowings) - 31.47 lakh crore

2. Net tax receipts - 25.57 lakh crore

3. Total expenditure - 47.16 lakh crore

4. Capital expenditure - 10.18 lakh crore

5. Fiscal deficit - 4.8 per cent of GDP

(As per the FY25 revised estimates) 

01 Feb 2025, 08:59:49 PM IST

Union Budget 2025 Highlights: What will become cheaper?

Union Budget 2025 Highlights: According to Nirmala Sitharaman's Union Budget 2025 announcement, these are the following items which are meant to become cheaper after the government's guidance. 

1. Cancer and lifesaving drugs

2. Solar PV cells and lithium-ion batteries

3. Lithium-ion batteries for EVs and mobiles

4. Telecom equipment

01 Feb 2025, 08:38:56 PM IST

Union Budget 2025 Highlights: India's Energy allocation rose 18% YoY as per budget estimates

Union Budget 2025 Highlights: According to the Union Budget data, India's allocation to Energy increased to 81,174 crore as per the budget estimates of FY2025-26, compared to 68,769 crore as per the budget estimates of FY2024-2.

01 Feb 2025, 08:31:03 PM IST

Union Budget 2025 Highlights: What does an increase in FDI limit mean? 

Union Budget 2025 Highlights: According to the Budget 2025 announcement, the government of India increased the foreign direct investment (FDI) limit for the insurance sector from 74% to 100%. 

This move from the government comes to attract more foreign investment into the insurance sector in the Indian market. “This enhanced limit will be available for those companies which invest the entire premium in India," according to the Budget announcement. 

01 Feb 2025, 08:09:05 PM IST

Union Budget 2025 Highlights: India pegs Defence Budget at ₹4.91 lakh crore for FY2025-26

Union Budget 2025 Highlights: The Indian government pegged its Defence spending budget estimates at 4.91 lakh crore for FY2025-26. The government spent 4.56 lakh crore in the FY2024-25, as per the revised estimates. 

01 Feb 2025, 08:02:14 PM IST

Union Budget 2025 Highlights: New tax regime advantageous for younger taxpayers?

Union Budget 2025 Highlights: According to the new tax proposals laid out 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 old tax regime makes individuals invest in tax-saving investment options like ELSS, provident funds, pension funds, life insurance among other things. It also made people buy houses with bank loans to reduce the tax outgo. 

A young taxpayer is not required to make forced investments which people in the old tax regime used to make to save taxes. The new regime has brought the tax slabs down for the middle-income and low-income earners. 

01 Feb 2025, 07:46:48 PM IST

Union Budget 2025 Highlights: What is Section 87A rebate?

Union Budget 2025 Highlights: According to the Income Tax Act of 1961, eligible taxpayers get a total waiver of income tax if their total income for the year is below 5 lakh. 

As per the proposal of the Budget 2025, Section 87A has been revised for resident individuals, the rebate limit has been increased from 7 lakh to 12 lakh and the maximum rebate from 25,000 to 60,000.

However, the rebate will not apply to income taxed at special rates if the individual stays in the default tax regime, according to the data. 

01 Feb 2025, 07:38:09 PM IST

Union Budget 2025 Highlights: The ‘dream budget’ for middle class?

Union Budget 2025 Highlights: Nirmala Sitharaman's Budget 2025 announcement is being termed as the “dream budget" for the middle class as the Union Finance Minister proposed no tax till the income of 12 lakh per year. 

Key tax points you need to look out for: 

1. Taxpayers with a normal income (excluding special rate income like capital gains) of up to 12 lakh will have no tax liability due to a rebate and reduced slab rates. 

2. Those earning 12 lakh will receive a tax benefit of 80,000, which covers 100% of their tax payable under existing rates. For an income of 18 lakh, the benefit is 70,000, covering 30% of the tax payable. 

3. Similarly, a person earning 25 lakh will get a benefit of 1,10,000, which accounts for 25% of their tax liability under the current rates.

01 Feb 2025, 07:04:06 PM IST

Union Budget 2025 Highlights: Where is Govt earning from?

Union Budget 2025 Highlights: The Indian government expenditures are diversified in terms of supporting national security, public good, and economic development. 

According to the budget 2025 data, the biggest share goes to the state's taxes and duties at 22%. Interest payments that result from previous borrowings are at 20%. Central sector schemes at 16% of the total spending, 8% goes to Finance Commission transfers and other grants, are among many other costs which the nation has to expend and estimate for its budget every year. 

01 Feb 2025, 06:44:01 PM IST

Union Budget 2025 Highlights: Where does money come from?

Union Budget 2025 Highlights: The government of India earns from the collection of tax revenues and non-tax revenues. 

According to the Union Budget 2025, the government earned 39% of the total receipts from income and corporate taxes compared to the previous year. The GST collection trends show a consistent consumption pattern unchanged at 18%. 

The government earned 5% from union excise duties and 4% from customs duties, according to the budget data. 

01 Feb 2025, 06:31:16 PM IST

Union Budget 2025 Highlights: Real Estate Industrialist Niranjan Hiranandani expects more contributions from banks and financial institutions.

Union Budget 2025 Highlights: Real Estate Industrialist Niranjan Hiranandani expects more contributions from banks and financial institutions as Nirmala Sitharaman announces Swamy Funds 2 for real estate. 

“Nirmala Sitharaman has presented an excellent budget with a fiscal deficit consolidation which has been a target of the budget, despite that she has been able to invest into various sectors of the economy including the idea of creating funds like Swamy funds for real estate...introduction of Swamy funds 2 with 15,000 crores contribution by the central govt and there will be more contribution by banks and financial institutions," said Hiranandani. 

01 Feb 2025, 06:18:44 PM IST

Union Budget 2025 Highlights: India to launch a modified UDAN Scheme.

Union Budget 2025 Highlights: The Indian government plans to launch a modified version of the UDAN Scheme, which aims to boost regional connectivity in India. The scheme aims to connect 120 new destinations and carry four crore passengers in the coming 10 years, according to the Budget announcement. 

01 Feb 2025, 06:13:39 PM IST

Union Budget 2025 Highlights: Budget proposes to lift restrictions on claiming two properties as self-occupied. 

Union Budget 2025 Highlights: In the Budget announcement, Union Finance Minister Nirmala Sitharaman proposed that India plans to lift restrictions on claiming two properties as self-occupied to streamline the process for taxpayers. 

01 Feb 2025, 05:28:20 PM IST

Union Budget 2025 Highlights: India's Capex target drops in FY2025-26.

Union Budget 2025 Highlights: India's capital expenditure (Capex) target drops to 11.21 crore as per the budget estimates of FY2025-26, compared to the budget estimates of FY2024-25 at 11.11 lakh crore, according to the budget data. 

01 Feb 2025, 05:19:49 PM IST

Union Budget 2025 Highlights: Fiscal Deficit estimated to be 4.4% of GDP for FY2025-26. 

Union Budget 2025 Highlights: India's Fiscal Deficit is estimated to be 4.4 per cent of GDP at 15.68 lakh crore as per the budget estimates for FY2025-26.

01 Feb 2025, 05:05:58 PM IST

Union Budget 2025 Highlights: India's market borrowings estimates at ₹11.53 lakh crore as per the FY2025-26 budget estimates.

Union Budget 2025 Highlights: Union Finance Minister Sitharaman said the gross market borrowings through bonds and other dated securities are estimated to be 11.53 lakh crore as per the budget estimates of 2025-26, according to the budget announcement. 

The gross market borrowings via bonds, as per the budget estimates of FY2024-25, were at 14.01 lakh crore, as per the July Budget data.

01 Feb 2025, 04:58:15 PM IST

Union Budget 2025 Highlights: India's capital receipts borrowings estimated to be at ₹15.68 lakh crore for FY2025-26

Union Budget 2025 Highlights: India's estimate for capital receipt borrowings is 15.68 lakh crore for FY2025-26, according to the budget data. 

According to the July Budget 2024 data, India's borrowings and other liabilities under capital receipts for the FY2024-25 budget estimates were 16.13 lakh crore.

Capital receipts are money inflows that the government receives from non-recurring activities and are used to create long-term investments, pay off debts, and plan expansion.

01 Feb 2025, 04:43:56 PM IST

Union Budget 2025 Highlights: India's manufacturing aims

Union Budget 2025 Highlights: The Indian government aims to support “Clean Tech Manufacturing" to improve domestic value addition, jobs and build an ecosystem for solar PV cells, EV batteries, motors and controllers, electrolyzers, wind turbines, very high voltage transmission equipment and grid-scale batteries, according to the budget announcement. 

01 Feb 2025, 04:35:25 PM IST

Union Budget 2025 Highlights: India exempted basic customs duty on Wet Blue Leather.

Union Budget 2025 Highlights: The government announced that it has 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, 04:29:14 PM IST

Union Budget 2025 Highlights: Govt to launch ‘Customized Credit Card’ with ₹5 lakh limit for Micro Enterprises.

Union Budget 2025 Highlights: The government will launch a ‘Customized Credit Card’ with 5 lakh limit for Micro Enterprises, registered on the Udyam portal. According to the budget announcment, the government plans to launch 10 lakh cards in the first year. 

01 Feb 2025, 04:19:11 PM IST

Union Budget 2025 Highlights: FM Sitharaman on New Income Tax says, ‘Everyone is getting benefits…’

Union Budget 2025 Highlights: Union Finance Minister Nirmala Sitharaman said that every salaried individual is getting benefits from this new system, as overall tax rates have also been brought down. 

“Across the board, everyone is getting benefits, as all the groups are getting benefits," said Sitharaman. 

01 Feb 2025, 04:15:23 PM IST

Union Budget 2025 Highlights: FM Sitharaman on the new Finance Bill.

Union Budget 2025 Highlights: Union Finance Minister Nirmala Sitharaman says she hopes the upcoming Finance Bill gets past without any “difficulties." 

“I hope it gets passed without any difficulties…," said Sitharaman. 

01 Feb 2025, 04:07:56 PM IST

Union Budget 2025 Highlights: Centre announced new Urea plant plans in Assam. 

Union Budget 2025 Highlights: According to the Budget announcement, a new Urea plant is to be set up in Namrup, Assam. The plant is set to have an annual capacity of 12.7 lakh metric tonnes. 

01 Feb 2025, 03:57:24 PM IST

Union Budget 2025 Highlights: Centre will create ‘Makhana Board’ in Bihar.

Union Budget 2025 Highlights: Nirmala Sitharaman announced that the central government would create a “Makhana Board" in Bihar to improve the production, processing, value addition, and marketing of Makhana. 

01 Feb 2025, 03:49:55 PM IST

Union Budget 2025 Highlights: India to create 22 lakh jobs

Union Budget 2025 Highlights: According to the budget announcement, India aims to generate 22 lakh jobs in the economy through a newly launched “Focus Product Scheme" in the footwear and leather industry. 

01 Feb 2025, 03:44:18 PM IST

Union Budget 2025 Highlights: What will the new Income Tax bill have? 

Union Budget 2025 Highlights: According to the Budget announcement, the New Income Tax Bill, which is set to be tabled next week, will be 50% less in text compared to the present law. With this move, the government aims to simplify the topic of taxation for taxpayers and the tax administration. They also aim to create tax certainty and reduce litigation. 

01 Feb 2025, 03:37:57 PM IST

Union Budget 2025 Highlights: Govt exempted 36 lifesaving drugs and medicines from the basic customs duty. 

Union Budget 2025 Highlights: FM Nirmala Sitharaman announced the exemption of 36 lifesaving drugs and medicines from the basic customs duty (BCDs) on Saturday, February 1. 

01 Feb 2025, 03:26:43 PM IST

Union Budget 2025 Highlights: ‘Outstanding budget..provides relief to salaried middle class,' says Hardeep Singh Puri

Union Budget 2025 Highlights: Union Minister Hardeep Singh Puri told ANI, "In every respect, it's an outstanding budget. I want to compliment the Finance Minister. It's her eighth budget, and this is a budget which caters to all sections of the economy. But more than that, it provides a kind of relief to the salaried middle class, which is very welcome and was anticipated partly..."

01 Feb 2025, 03:00:18 PM IST

Budget 2025 Key Highlights: Centre hikes MSME investment and turnover limits

Budget 2025 Key Highlights: The government hiked the MSME investment and turnover limits 2.5 and 2 times, respectively, in the Union Budget 2025 announcement. 

“This will give them the confidence to grow and generate employment for our youth," as per the budget announcement. 

 

Updates in MSME investment and turnover limits.
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Updates in MSME investment and turnover limits. (India Budget)
01 Feb 2025, 02:54:05 PM IST

Budget 2025 Key Highlights: Govt's plan to boost India's tourism

Budget 2025 Key Highlights: India plans to boost tourism in the nation, as Union Finance Minister announced the plans to develop the top 50 tourist sites in partnership with the State. 

The Centre announced the introduction of an intensive skill-development programme for the youth. Sitharaman announced that the government will provide MUDRA loans for homestays. They also provide performance-linked incentives to states. They also announced e-visa facilities in the Budget announcement. 

01 Feb 2025, 02:46:04 PM IST

Budget 2025 Key Highlights: PM Modi's address to the nation post Budget

Budget 2025 Key Highlights: Prime Minister Narendra Modi addressed the nation after the Budget 2025 announcement on February 1. 

“The #ViksitBharatBudget2025 reflects our Government’s commitment to fulfilling the aspirations of 140 crore Indians," said PM Modi in his post on platform X. 

01 Feb 2025, 02:43:14 PM IST

Budget 2025 Key Highlights: “Budget focuses on savings for people…” says PM Modi after the Budget announcement. 

Budget 2025 Key Highlights: Prime Minister Narendra Modi addressing the nation reiterated Union Finance Minister Nirmala Sitharaman's budget address goal that the nation is focusing on the middle class and low income group people. 

“Budget focuses on savings for people…" said Narendra Modi.

01 Feb 2025, 02:32:48 PM IST

Budget 2025 Key Highlights: Govt improves credit facility

Budget 2025 Key Highlights: Union Budget 2025-26 outlined government's plans for to boost the nation's “Credit Guarantee Cover." Finance Minister Nirmala Sitharaman announced 1.5 lakh crore of additional credit for the next five years from 5 crore to 10 crore. 

They also announced that the Startups will get more credit from 10 crore to 20 crore with the guarantee fee moderated at 1% for loans in 27 key sectors outlined for Atmanirbhar Bharat, as per the announcement on Saturday. 

The government also approved term loans for MSME up to 20 crore. 

01 Feb 2025, 02:18:50 PM IST

Budget 2025 Key Highlights: FM Nirmala Sitharaman on senior citizens

Budget 2025 Key Highlights: “A number of senior and very senior citizens have very old National Savings Scheme accounts. As interest is no longer payable on such accounts, I propose to exempt withdrawals made from NSS by individuals on or after the 29th of August, 2024. I am also proposing to allow similar treatment to NPS Vatsalya accounts as is available to normal NPS accounts, subject to overall limits," said Nirmala Sitharman.

01 Feb 2025, 02:10:35 PM IST

Budget 2025 Key Highlights: What did FM say on income tax?

“To tax payers upto ` 12 lakh of normal income (other than special rate income such as capital gains) tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them. The total tax benefit of slab rate changes and rebate at different income levels can be illustrated with examples," said Nirmala Sitharaman.

01 Feb 2025, 01:56:22 PM IST

Budget 2025 Key Highlights: Gig workers to get healthcare under PM Jan Arogya Yojana.

Budget 2025 Key Highlights: The Union Finance Minister Nirmala Sitharaman announced that the gig workers will be provided healthcare under PM Jan Arogya Yojana. The government also announced their plans to create identity cards and registration on the e-Shram portal for the workers. 

01 Feb 2025, 01:52:37 PM IST

Budget 2025 Key Highlights: Kisan Credit Cards' loan limit increased to ₹5 lakh from ₹3 lakh. 

Budget 2025 Key Highlights: Union Finance Minister Nirmala Sitharaman announced that the loan limit for the Kisan Credit Cards (KCC) will be increased to 5 lakh under the Modified Interest Subvention Scheme, according to the budget announcement. 

The KCC gives farmers, fishermen, and dairy farmers to take short-term loans from the government. 

01 Feb 2025, 01:42:27 PM IST

Budget 2025 Key Highlights: Govt to launch “Mission for Aatmanirbharta in Pulses”

Budget 2025 Key Highlights: The government plans to launch a 6-year “Mission for Aatmanirbharta in Pulses" with a special focus on Tur, Urad and Masoor. The scheme will focus on improving domestic pulses production, assuring remunerative prices to the farmers and development of climate resilient seeds.

01 Feb 2025, 01:38:53 PM IST

Budget 2025 Key Highlights: PM Dhan-Dhaanya Krishi Yojana to help 1.7 crore farmers

Budget 2025 Key Highlights: Prime Minister Narendra Modi's Dhan-Dhaanya Krishi Yojana, which is set to be launched, aims to help 1.7 crore farmers in India. This scheme will cover 100 districts with low productivity. 

01 Feb 2025, 01:23:44 PM IST

Budget 2025 Key Highlights: New tax slab update!

Budget 2025 Key Highlights: According to the Ministry of Finance, the revised income tax slabs under the new tax regime will attract the following: 

1) Income between nil to 4 lakh - Nil tax bracket 

2) Income between 4 lakh to 8 lakh - 5% tax bracket 

3) Income between 8 lakh to 12 lakh - 10% tax bracket 

4) Income between 12 lakh to 16 lakh - 15% tax bracket 

5) Income between 16 lakh to 20 lakh - 20% tax bracket 

6) Income between 20 lakh to 24 lakh - 25% tax bracket 

7) Income above 24 lakh - 30% tax bracket. 

New Tax Slabs under the 'New Income Tax Regime'
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New Tax Slabs under the 'New Income Tax Regime' (India Budget)
01 Feb 2025, 01:09:05 PM IST

Budget 2025 Key Highlights: The new income tax deduction slabs

Budget 2025 Key Highlights: Under the new income tax slab of the new tax regime, the government of India has highlighted that under the income bracket of up to 12 lakh, the tax collected by the government after the deduction of the benefits will be Net Zero. 

New Tax Slab rebate list
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New Tax Slab rebate list (India Budget)
01 Feb 2025, 12:55:48 PM IST

Budget 2025 Key Highlights: Tax cut history in India

Budget 2025 Key Highlights: The Modi government announced a series of tax cuts in the last few years. In 2014, after the formation of the government, they imposed the “Nil Tax" policy for income up to 2.5 lakh annually, then in 2019, it was further raised to 5 lakh. Nirmala Sitharaman announced in 2023 that incomes up to 5 lakh would also be non-taxable. 

This move of “No income tax" up to 12 lakh annually aligns with the nation's vision of helping India's middle-class and low-income groups. 

01 Feb 2025, 12:46:31 PM IST

Budget 2025 Key Highlights: No income tax till ₹12.75 lakh of income.

Budget 2025 Key Highlights: People earning up to 12.75 lakh of income will be subject to the “No Income Tax" due to the standard deduction benefit of 75,000. 

“For the Salaried Class, No Income Tax is applicable Rll annual income of 12.75 lakh, due to standard deduction benefit available to salaried class of 75,000," according to the budget announcement. 

01 Feb 2025, 12:39:38 PM IST

Budget 2025 Key Highlights: People earning ₹12 lakh a year will get a tax benefit of ₹80,000.

Budget 2025 Key Highlights: The Union Finance Minister announced that people in India earning 12 lakh a year will get a tax benefit of 80,000, and 100 per cent of the tax due within the existing rates will be exempted.

“A taxpayer in the new regime with an income of 12 lakh will get a benefit of 80,000 in tax (100% of tax payable as per existing rates will be exempt). The effective income tax rate will be 0%," according to the budget announcement. 

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