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Over 1 Crore Taxpayers to Pay 'No Tax' as Budget-2025 declares Zero Income Tax up to Rs. 12 lakhs of earning
TIWN Feb 1, 2025
Over 1 Crore Taxpayers to Pay 'No Tax' as Budget-2025 declares Zero Income Tax up to Rs. 12 lakhs of earning
PHOTO : Nirmala Sitharaman placed union budget 2025. TIWN Photo Feb 1, 2025

NEW DELHI, Feb 1 (TIWN): Union Finance Minister Nirmala Sitharaman on Saturday placed Budget 2025, that announced zero income tax will be imposed on the citizens who are earning up to Rs. 12 lakhs, causing a significant relief to the middle class families. Additionally, Sitharaman revealed that income tax slabs and rates are being revised across the board to create a more progressive taxation system. Under the revised New Income Tax Regime 2025, the tax-free income limit extends to Rs 12.7 lakh when factoring in the standard deduction. Furthermore, individuals earning up to Rs 25 lakh will receive a tax benefit of up to Rs 1.1 lakh, easing the financial burden on middle-income taxpayers.

The key-takeaways from the budget are :

1) Fiscal deficit: The fiscal deficit for FY25 is set at 4.8%, while the estimated fiscal deficit for FY26 stands at 4.4%. 

2) On Jan Vishwas Bill: Jan Vishwas Bill 2.0 is to be introduced to decriminalise over 100 provisions. Investment-friendly index of States to be launched in 2025. 

3) Revised tariff rates: Propose removal of 7 tariff rates over an above those in removed in the earlier budget. Only 8 tariff rates to remain after the new move. 

4) FM announced an outlay of ?1.5 lakh crore for 50-year interest-free loans to states for capex and infrastructure. 

5) FM announced that 36 live savings drugs and medicines were fully exempted from basic customs duty.

The key metrics that were announced for the upcoming financial year are: 1. Total receipts (excluding borrowings) - 34.96 lakh crore  2. Net tax receipts - 28.37 lakh crore  3. Total expenditure - 50.65 lakh crore  4. Capital expenditure - 11.2 lakh crore  5. Fiscal deficit - 4.4 per cent of GDP  (As per the budget estimates of FY2025-26).

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