The historical budget that defines the new India
Saturday , 01/02/2025 the budget was
announced by the government of India .
It has had significant reforms since the previous budgets for the financial
year 25-26 which has made the Indian economy go from the fragile 5 to the
fastest growing 5 in just a time span of 10 years . This shows us the
relentless efforts of the ruling party which has been re elected for 3 times
that is the national democratic alliance (NDA) which consists of the political
parties of Bhartiya Janta party and its allies since 2014 has made India into a
leading superpower economically. The following were the points highlighted by
the finance minister Mrs. Nirmala Sitharaman that will implemented immediately
on 1st April 2025:
There will be a new tax regime which
will be marking 0% tax of an annual income of ₹ 12 lacs and the new tax slab
will be as follows :
Income up to Rs. 3 lakhs: Nil tax
Income from Rs. 3 lakhs to Rs. 7 lakhs:
5% tax rate
Income from Rs. 7 lakhs to Rs. 10 lakhs:
10% tax rate
Income from Rs. 10 lakhs to Rs. 12 lakhs:
15% tax rate
Income from Rs. 12 lakhs to Rs. 15 lakhs:
20% tax rate
Income above Rs. 15 lakhs: 30% tax
rate
The central government will be providing new
schemes, departments , as well as funds to farmers to increase crop yield as
well as the development of farmers in the following methods :Union Budget
2025-26 focuses on agricultural growth, with initiatives like a Makhana
Board, National Mission for High Yielding Seeds, Cotton Productivity Mission,
enhanced Kisan Credit Cards, urea plant expansion, and sustainable fisheries
development to benefit farmers and boost production.
The new India is set to become a hub for
manufacturing toys.
Finance Minister Nirmala Sitharaman announced
that credit guarantee cover for micro and macro small enterprises will double
from Rs 5 crore to Rs 10 crore in Budget 2025, unlocking an
additional Rs 1.5 lakh crore in credit over the next five years.
There will be ₹350 crores increased
budget of the ministry of sports and youth affairs respectively.
The limit for tax deduction (TDS) on
interest income for senior citizens has been increased from the present limit
of 50,000 to 1 lakh. For other taxpayers, the limit has been enhanced to 50,000
from 40,000 for interest from deposits from banks, co-operative societies, post
office and to 10,000 (from 5,000) in other cases.
India’s defense
budget for 2025-26 has been increased by 9.53 percent, bringing the total
allocation to Rs 6.81 lakh crore.
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