Union Budget LIVE: No Tax On Income Upto 12 Lakhs Under New Regime
Union Budget 2025 LIVE Updates: Finance Minister Nirmala Sitharaman presented a record 8th consecutive Union Budget on Saturday (February 1, 2025), focusing on four engines: Agriculture, MSME, Investment, and Exports, to drive the goal of Viksit Bharat.
In a relief to taxpayers, Ms. Sitharaman announced that individuals earning up to ₹12 lakh annually will not have to pay any income tax under the new tax regime. Meanwhile, Bihar remained in focus in the presentation of the Union Budget with Finance Minister Nirmala Sitharaman making several announcements for the State, including setting up of a Makhana Board, financial support for the western Kosi canal, and support for enhancing the capacity of IIT Patna.
The fiscal deficit for FY25 has been pegged at 4.8% of GDP and 4.4% for FY26, the Finance Minister said. This budget takes Ms. Sitharaman closer to the record of 10 budgets presented by former Prime Minister Morarji Desai over different periods.
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