Union Budget 2025 LIVE Updates: No Income Tax Payable Upto The Income of Rs 12 lakh

Finance Minister Nirmala Sitharaman is set to present her record 8th consecutive Union Budget on Saturday, February 1, 2025, at 11 a.m. The Union Cabinet, led by Prime Minister Narendra Modi, approved the full budget for 2025-26.

Union Budget 2025 Live Updates

• New Tax regimeRs 0-4 lakh — Nil
  Rs 4-8 lakh — 5%
  Rs 8-12 lakh — 10%
  Rs 16-20 lakh — 20%
  Rs 20-24 lakh — 25%
  Above Rs 24 lakh — 30%Tax rebate for those with income upto Rs 12 lakh
• Govt to remove 7 tariff rates. Only 8 will remain, including zero rate, says Finance Minister Nirmala Sitharaman.
• Tax threshold on interest for senior citizens increased to Rs 1 lakh: Finance Minister

Leather sector

1. Fully extend BCD on wet blue leather
2. Exempt crust leather from 20% duty

Marine Products

1. Reduce BCD from 30% to 5% on frozen fish paste
2. Reduce BCD from 15% to 5% fish hydrolycate

• The government will target a narrower fiscal deficit of 4.4% of gross domestic product for fiscal year 2025-26.
• An infusion of Rs 20,000 crore to increase tourism-led employment is going to help several states that house top tourist locations build infrastructure and boost connectivity.
• 36 life-saving medicines fully exempted from custom duty: Finance Minister
• 100% FDI in insurance for firms which invest entire premium in India; FDI limit in insurance sector to be raised from 74 per cent to 100 per cent, says Finance Minister
• Under the Stand-Up India scheme, the objective was to facilitate loans from Scheduled Commercial Banks between Rs 10 lakh and Rs 1 crore to at least one one Scheduled Caste (SC) or Scheduled Tribe (ST) borrower and one-woman borrower per bank branch for setting up a greenfield enterprise in the manufacturing, services or trading sector and also for the activities allied to agriculture.
• The Finance Minister announced that a new scheme will be launched for five lakh Scheduled Castes and Scheduled Tribes (SC/ST) women entrepreneurs. This will involve giving term loans of up to Rs 2 crore during the next five years.
• Endeavour to ensure that central govt debt is on a decline: Nirmala Sitharaman
  Revised fiscal deficit: 4.8%
  Fiscal deficit target for FY26: 4.4%;
  FY25 revised capex: Rs 10.18 trillion
• In a major reform announcement FM announces to raise FDI limit in insurance sector from 74% to 100%
• The Finance Minister announced revamping of the existing PM-SVANidhi loan scheme, which was launched in 2020 to help street vendors hit by the COVID-19 pandemic get back on their feet. The scheme, which has helped 68 lakh vendors so far, will have enhanced bank loans, UPI-linked credit cards and capacity building support. Under the existing scheme, vendors can avail of loans of Rs.10,000, Rs.20,000 and Rs.50,000.
• So far, over 12 crore rural households have been provided tap water connections. Initially, the scheme was till 2024.
• The Finance Minister has announced extension of Jal Jeevan Mission (JJM) till 2028. The JJM, launched in 2019, was the one of the biggest programmes of the Modi 2.0.
• Outlay of Rs 1.5 trillion to states for capex, says FM Sitharaman
• Development of 100 gigawatt of nuclear energy by 2047 is essential: FinMin
• Affordable housing: Another 40,000 units to be completed in FY26, announces FinMin
• Finance Minister has announced the setting up of a new urea plant at Namrup (Assam) with an annual production capacity of 12.70 lakh tonnes. If it takes off, that would be the 7th new urea plant to come up in India since 2019. These include plants in Gadepan (Rajasthan), Ramagundam (Telangana), Panagarh (West Bengal), Gorakhpur (Uttar Pradesh), Barauni (Bihar), Sindri (Jharkhand) and Talcher (Odisha). The last plant is yet to be commissioned (about 65% completed), while the other six are up and running.
• The Finance Minister announced that the government will launch the second Asset Monetisation Plan for 2025-2030. The Plan is expected to plough back capital of Rs 10 lakh crore in new projects. Sitharaman added that regulations and fiscal measures will be fine-tuned to support the Asset Monetisation Plan.
• FM announces that the Govt will set up Rs 25,000-crore Maritime Development Fund for supporting and promoting competition. Govt will contribute 49% and rest to come from pvt sector.
• Gig workers to get social security scheme, says FM, Govt will arrange for identity cards and the registration of gig workers on e-shram portal.
• 3 Centres of Excellence on AI for education will be setup with outlay of Rs 500 crore
• National Institute of food tech, entrepreneurship and skilling to be build in Bihar
• Centre to develop 5 national Centres of Excellence for skilling with global partnerships
• Kisan credit cards facilitate short-term loans for 77 million farmers, fishermen, and dairy farmers. The loan limit under modified interest subvention scheme will be enhanced to Rs 5 lakh from Rs 3 lakh.
• MSMEs responsible for 45% of exports: Finance Minister.
• The Finance Minister announced that Kisan Credit Cards (KCC) will continue to facilitate short-term loans for 7.7 crore farmers, fishermen, and dairy farmers. Additionally, the loan limit under the modified interest subvention scheme will be increased from ₹3,000 to ₹5,000 for loans taken through the KCC, providing greater financial support for agricultural production.
• Will Launch 6 Year Mission To Become Aatmanirbhar In Pulses
• Govt to focus on the sustainable harnessing of fisheries, especially in Andaman and Nicobar Islands, Lakshadweep.
• National Mission on high yielding seeds to be launched.
• FM announces PM Dhan Dhanya Krishi Yojana to enhance agri productivity.
• Makhana Board to be established in Bihar: Finance Minister Nirmala Sitharaman.