FM said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh. This will reduce the number of transactions liable to TDS, thus benefiting small tax payers receiving small payments."
Union Finance Minister Nirmala Sitharaman paid tribute to Madhubani art by wearing a saree gifted by Padma Shri awardee Dulari Devi while presenting the Budget on Saturday.
Finance Minister Nirmala Sitharaman as part of her Budget presentation proposed a host of tweaks in basic customs duty (BCD) for various products or items that are critical for manufacturing or for day to day needs. In some cases they were raised to make domestic manufacturing robust.
Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025 in the Lok Sabha today outlining a roadmap for India's continued economic expansion, emphasizing agriculture, micro, small, and medium enterprises (MSMEs), investment, and exports.
In a major push to strengthen the Micro, Small, and Medium Enterprises (MSME) sector, the Union Finance Minister in budget 2025 announced an increase in investment and turnover limits for classification of MSMEs.
Finance Minister Nirmala Sitharaman, during her Union Budget 2025 speech, announced that no income tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers especially the middle class.
Congress MP Jairam Ramesh has criticized Finance Minister Nirmala Sitharaman for turning down in the Union Budget the proposals like inclusion of breakfast in schools, upward revision in honorarium given to Anganwadi workers under Saksham aanganawadi and Poshan 2.0.
She said, "Modified UDAN scheme will be launched to enhance regional connectivity to 120 new destinations and carry 4 crore additional passengers in the next 10 years."
Ahead of the Finance Minister's speech, protests erupted within the house, demanding the government release the list of people who lost their lives in the recent Mahakumbh stampede.
In a major step towards clean energy transition, Finance Minister Nirmala Sitharaman announced a Nuclear Energy Mission during the presentation of the Union Budget 2025.
She said, "Kisaan Credit cards facilitate short-term loans for 7.7 crore farmers, fisherman and dairy farmers. The loan limit under the modified Interest subvention schemes will be enhanced from Rs 3 lakh to Rs 5 lakh for loans taken through KCC."
Presenting the Union Budget, Finance Minister Nirmala Sitharaman on Saturday pegged the fiscal deficit target at 4.4 per cent of GDP for the financial year 2025-26.