Union Budget 2025 Live Updates: 1 crore more people will not pay tax due to relief:
Nirmala SitharamanUnion Budget 2025-26 Live: The Union Budget 2025-26 envisages an expenditure of Rs 50,65,345 crore, 7.4% higher than the current fiscal.
Union Budget 2025 Live Updates: Union Finance Minister Nirmala Sitharaman on Saturday presented the Budget for the third term of the Bharatiya Janata Party (BJP)-led government, providing significant tax relief to the salaried middle class grappling with high prices and stagnant salaries.
Making several announcements, Ms Sitharaman said individuals with an annual income of Rs 24 lakh or more can expect to save Rs 1.10 lakh in income tax, while those earning Rs 12 lakh will not have to pay any tax, giving them a benefit of Rs 80,000 from the next fiscal under the new regime.
He also said the government will introduce a new Income Tax Bill in Parliament next week, which will replace the six-decade-old Income Tax Act of 1961.
The Union Budget 2025-26 envisages an expenditure of Rs 50,65,345 crore, 7.4% higher than the current fiscal. The expenditure for 2024-25 (revised estimate) is Rs 47.16 lakh crore.
Prime Minister Narendra Modi praised the Union Budget, calling it a “people’s budget” that puts more money in the hands of the people and said it is a force-multiplier that will increase investments and boost growth. “The budget lays a strong foundation for increasing savings and making citizens partners in development,” he said.
