Finance Minister Nirmala Sitharaman announced that no income tax will be levied till ₹12 lakh income under the new tax regime. The government also proposed changes in income tax slabs and rates across the board.
She said the new and “simpler” income tax bill will be introduced next week. The government will introduce a new Income Tax bill next week to take forward the "trust first, scrutinise later" concept, Sitharaman said. She also mentioned the government will also come out with taxpayers' charter, faster returns process and almost 99 per cent of the income returns being on self-assessment.
She also announced that the Foreign Direct Investment (FDI) in the insurance sector will be increased to 100 per cent from 74 per cent.
THE WEEK brings to you all latest updates of the Union Budget 2025 here:
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10 months ago
Union Budget 2025 LIVE: How the Income Tax relief leaves more money in the hands of middle class taxpayers
FOR FULL STORY, CLICK HERE
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10 months ago
Union Budget 2025 LIVE: States to get Rs 1.5 lakh crore in 50-year interest loans to carry out PPP infra projects
FOR FULL STORY, CLICK HERE
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10 months ago
Union Budget 2025 LIVE: Will Nirmala Sitharaman’s Bihari touch help BJP reap benefits in assembly polls?
FOR FULL STORY, CLICK HERE
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10 months ago
Union Budget 2025 LIVE: Govt hikes I-T exemption limit to Rs 12 lakh per annum under New Tax Regime
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10 months ago
Union Budget 2025 LIVE: Limit for tax deduction on interest income to be doubled to Rs 1 lakh for senior citizens; limit for TDS on rent to be increased to Rs 6 lakh
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10 months ago
Union Budget 2025 LIVE: Govt to increase TCS on remittances under RBI's Liberalised remittance scheme from Rs 7 lakh to 10 lakh
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10 months ago
Union Budget 2025 LIVE: 10,000 fellowships to be provided under PM Research Fellowship scheme in next five years for technological research in IITs, IISc
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10 months ago
Union Budget 2025 LIVE: Govt to exempt basic custom duty on 37 more medicines
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10 months ago
Union Budget 2025 LIVE: FDI limit in insurance sector to be raised from 74 per cent to 100 per cent
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10 months ago
Union Budget 2025 LIVE: Govt to introduce new Income Tax bill next week in Parliament to take forward 'trust first, scrutinise later' concept
