The Union Budget 2025-26 was presented by Finance Minister Nirmala Sitharaman Saturday in Lok Sabha with major policy measures to boost the economy. The budget will be largely budgeted for the agriculture sector including new schemes for increasing agricultural productivity and farmer welfare. Income tax reforms are also in speculation where some suggest that the old tax regime may be killed or there could be zero income tax for those earning less than ₹10 lakh per annum but no official confirmation so far.
At present, taxpayers are allowed to opt for two tax regimes. Under the old tax regime housing rentals and insurance are exempted whereas under the new tax regime started in 2020 low tax rates are given but most of the exemptions are not given. Those with business or professional income get the new tax regime as the default option from fiscal 2023-24 in case of members of business or professions; on the other hand, salaried people will be allowed to switch between regimes during the year.
Just in her budget speech, FM Sitharaman announced a six-year program for ‘Atmanirbharta’ in the pulses where a lot of emphasis is on tur, urad and masoor. In a bid to give a fillip to agriculture, she also announced the PM Dhan Dhyan Krishi Yojana for targeting 100 low-yielding districts in the country for enhancement in modern crop intensity and credit availability. Under the scheme, it is expected to put in rural prosperity and enhance the productivity of about 1.7 crore farmers.
To know the Budget 2025 LIVE updates, including the budget session 2025, budget speech time and budget live time, keep reading the latest Budget 2025 News.
Join our whatsapp group for Latest updates