Budget 2025: Union Finance Minister Nirmala Sitharaman has made some big announcements while presenting her 8th budget on Saturday. While reading the budget speech, Nirmala Sitharaman said the New Tax Bill will be brought next week.
With this announcement from the Finance Minister, it has become clear that the government will change direct tax in 2025. This new law will replace the Income Tax Act 1961. Finance Minister Nirmala Sitharaman made a big announcement for the middle class in the budget: There will be no tax on income up to 12 lakh.
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The government introduced the Direct Tax Code Bill in 2010. Then, the Modi government constituted a committee of experts, but their report had not been made public yet, so the recommendations could not be implemented.
ITR TDS limit increased
The government has announced the increase in the ITR and TDS limits while presenting the budget. Nirmala Sitharaman said that the TDS limit has been increased to 10 lakhs. A big announcement has been made for older people regarding tax deductions; they can file returns for four years. Tax exemptions for senior citizens have been doubled.
New Udaan scheme will be started.
Union Finance Minister Nirmala Sitharaman has announced the launch of the New Udaan scheme. She said in her budget speech that the New Udaan scheme will be started. 120 new destinations will be included in this. About 4 crore additional passengers will be aOne hundred twenty to take advantage of this service.
The decision to extend Jal Jeevan Mission
While presenting the budget in Parliament, the Finance Minister has made a surprising announcement on Jal Jeevan Mission. She said that the Jal Jeevan Mission was extended till the year 2028. Sheted that this would be 0 per cent of the rural population.Fromuldybe2r 2by till now, this will cover a percentage of the population. s. Unique and memorable announcements were made for Bihar within the entire budget.
Sitharaman has announced the formation of Makhana Board in Bihar. He has also announced that he will send three IITs to Patna. Nonlynly this, three airports will also be built in BihaTheshe wide ll bePa Greenfieldels, on which the government will spend a lot.
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This article discusses: Union Budget 2025 – No income tax payable up to Rs 12 lakh, ITR and…