Budget 2025 LIVE: Nirmala Sitharaman Says Govt Putting More Money In People’s Hands With Rs 12 Lakh I-T Rebate

Union Finance Minister Nirmala Sitharaman stated that the Centre had increased the disposable income of citizens by making adjustments to Income Tax rates.

Finance Minister Nirmala Sitharaman, speaking at a press conference shortly after presenting the Budget in Parliament, emphasized that the Budget had placed a strong focus on education and healthcare. 

Addressing a press conference on Saturday, Finance Minister Nirmala Sitharaman says that the Union Budget presented today mentioned several things on ‘Viksit Bharat’, while adding that it focuses both on rural prosperity and urban development. 

No Income Tax payable up to an income of Rs 12 Lakh. Slabs and rates being changed across the board to benefit all tax-payers," announced FM Nirmala Sitharaman.

"...I propose to revise tax rate structures as follows: 0 to Rs 4 Lakhs - nil, Rs 4 Lakhs to Rs 8 Lakhs - 5%, Rs 8 Lakhs to Rs 12 Lakhs - 10%, Rs 12 Lakhs to Rs 16 Lakhs - 15%, Rs 16 Lakhs to Rs 20 Lakhs - 20%, Rs 20 Lakhs to Rs 24 Lakhs - 25% and above Rs 24 Lakhs - 30%. To taxpayers up to Rs 12 Lakhs of normal income other than special rate income such as capital gains, tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them," she said.

Zero to Rs 4,00,000- No Tax

Rs 4,00,000 to Rs 8,00,000-5%

Rs 8,00,0001 to Rs 12,00,000-10%

Rs 12,00,001 to 16 lakh rupees-15%

Rs 16,00,001 to 20 lakh rupees-20%

Rs 20,00,001 to 24 lakh rupees-- 25%

Above 24 lakh-30%

In a major relief to the taxpayers, Union FM Minister Nirmala Sitharaman announced no income tax for people earning up to Rs 12 lakh.

Union Finance Minister Nirmala Sitharaman on Saturday stressed on unlocking the potential of India's marine sector and said that the government will bring a framework for sustainable harnessing of fisheries with a special focus on Andaman and Lakshadweep zones.

"India ranks second largest globally in fish production and aquaculture. Seafood exports are valued at 60,000 crore rupees. To unlock the untapped potential of the marine sector, our government will bring in an enabling framework for the sustainable harnessing of fisheries from the Indian inclusive economic zone and high seas with a special focus on the Andaman and Nicobar and Lakshadweep islands," she said.

FM Sitharaman said that the government will continue exemption of BCD on raw materials, components used for manufacturing of ships for another 10 years.

Union Finance Minister Nirmala Sitharaman said, "Inspired by the success, a 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. The scheme will also support helipads and smaller airports in hilly, aspirational and northeast regional districts. Greenfield airports will be facilitated in Bihar to meet the future needs of the state. These will be in addition to the expansion of the capacity of Patna airport and Brownfield airport in Bihta. Financial support will be provided for Western Kosi Canal ERM project in Mithilanchal, benefitting a large number of farmers in the Mithilanchal region of Bihar."

Jan Vishwas Bill 2.0 to be brought to decriminalise more than 100 offences, announced Sitharaman. 

Thirty-six life-saving drugs and medicines have been fully exempted from the 5 percent customs duty. A concessional duty will also be applied to the manufacturing of these life-saving medicines.

Nirmala Sitharaman announced, "A digital public infrastructure - 'Bharat Trade Net' (BTN) for international trade will be setup as a unified platform for trade documentation and financing solutions. The BTN will be aligned with international practices..."

Union Budget Live: New Income tax bill will be introduced in the Lok Sabha next week, informed Finance Minister Nirmala Sitharaman. 

Government will facilitate greenfield airports in Bihar to meet future needs of the state.

Govt to launch modified UDAN scheme to connect 120 destinations, help 4 crore additional passengers in next 10 years.

Nirmala Sitharaman announced the extension of Jal Jeevan Mission until 2028 with an enhanced total outlay.

Finance Minister Nirmala Sitharaman said, "The govt will setup an Urban Challenge Fund of Rs 1 lakh crore to implement the proposals to make cities as growth hubs.."

Union Finance Minister Nirmala Sitharaman says, "To improve access to credit, the credit guarantee cover will be enhanced. For micro and small enterprises from Rs 5 to Rs 10 crores leading to additional credit of Rs 1.5 Lakh Crores in the next 5 years. For startups, from Rs 10 Crores to Rs 20 Crores with the guarantee fee being moderated to 1% for loans in 27 focus sectors which are important for Aatmanirbhar Bharat. For well-run exporter MSMEs, for term loans up to Rs 20 Crores. Also for the micro-enterprises, we will introduce customised credit cards with a Rs 5 Lkah limit for micro-enterprises registered on Udyam portal."

It was a symbolic walkout, all the MPs who walked out have joined the ongoing Lok Sabha session. Meanwhile, Nirmala Sitharaman continues her speech.

Opposition parties demanded a discussion on the Mahakumbh stampede. Walked out to mark their protest.

Union Finance Minister Nirmala Sitharaman says, "The investment and turnover limits for classification of all MSMEs will be enhanced to 2.5 and 2 times respectively. This will give them the confidence to grow and generate employment for our youth."

As FM Nirmala Sitharaman continued her speech, the Opposition MPs walked out of the Lok Sabha.

FM Sitharaman announced that the credit card limit has been increased to Rs 5 lakh from Rs 3 lakh.

Union Finance Minister Nirmala Sitharaman said, "In this Budget, the proposed development measures span 10 broad areas, focussing on the poor, youth, farmers and women."

FM Nirmala Sitharaman said, "Next 5 years a unique opportunity to realise Sabka Vikas, stimulate growth for all regions."

FM Sitharaman said, "Our economy is the fastest-growing among all major global economies. Our development track record of the past 10 years and structural reforms have drawn global attention. Confidence in India’s capability and potential has only grown in this period."

Finance Minister Nirmala Sitharaman cited 'Sabka Vikas' as she began her speech in theParliament. She also said that the top focus is on infrastructure, middle-class and growth.

A ruckus broke out in Parliament right before Union FM Nirmala Sitharaman began her speech. Despite the ruckus, she continued speaking.

Samajwadi Party chief and the party's MP Akhilesh Yadav said, "...There is a more important thing than budget at the moment - people in Maha Kumbha are still looking and searching for their relatives. The CM has been there many times, the Union Home Minister has gone there, the Vice President is going today and the Prime Minister will also go there - in a Maha Kumbh where people die and the govt has failed to provide the numbers of deceased and those who are missing... Hindus have lost their lives - the govt must wake up - I said earlier as well to call the Army there. This has been the first time that saints have denied having Shahi (Amrit) Snan..." 

Union cabinet approves Union Budget 2025-26. Finance Minister Nirmala Sitharaman will present the budget soon at 11:00 AM.

Congress MP Jairam Ramesh said, "Budget has an intent, content - it both make the extent of the budget. We don't have much expectations from the budget that some big announcements will be made and that will encourage private investment... Let's see if there will be some tax relaxation for the middle class or not. Also, we need to see if the investors get some relaxation from the 'tax terrorism'. We have demanded some reforms in GST. Modi 3.0 is being discussed all over the world, let's see when GST 2.0 comes."

Union Home Minister Amit Shah arrived at parliament as the Union Budget 2025 will be tabled in Lok Sabha, today, by Union Finance Minister Nirmala Sitharaman.

The Union cabinet meeting began in Parliament ahead of the presentation of the Union Budget 2025.

President Droupadi Murmu fed Union Finance Minister Nirmala Sitharaman the customary 'dahi-cheeni' (curd and sugar) ahead of her Budget presentation.

Punjab Finance Minister Harpal Singh Cheema says, "I congratulate Union Finance Minister Nirmala Sitharaman as she is going to present the budget today. We have given a memorandum to the central govt and the finance minister in which we have demanded that a special package should be given to Punjab as it is an agrarian state and we need to diversify (crops)... We have also demanded for the legal guarantee of MSP."

Ahead of the Budget 2025 anouncement, AAP MP Malvinder Singh Kang said, "If we look at the record of the last 10 years, nothing special has been done for the farmers, poor, middle class, youth... Inflation has increased but there is no increase in the salary of the employees. We want that a special package should be announced for the industries, crop diversification and farmers of Punjab..."

Budget 2025 LIVE Updates: Union Finance Minister Nirmala Sitharaman and MoS Finance Pankaj Chaudhary met President Droupadi Murmu at the Rashtrapati Bhavan ahead of the Union Budget 2025 presentation.

Union Budget 2025 Live Updates: Ahead of the budget, the documents were seen being taken inside the Parliament. Finance Minister Nirmala Sitharaman is scheduled to present the Budget at 11 AM. 

Union Finance Minister Nirmala Sitharaman left from the Ministry of Finance for Rashtrapati Bhavan, to meet President Droupadi Murmu.

Union Finance Minister Nirmala Sitharaman arrived at the North Block, which houses the Ministry of Finance, on Saturday ahead of presenting the Union Budget 2025. She is set to deliver her record eighth consecutive budget today at 11 am in the Lok Sabha.

The budget speech will cover the government's fiscal policies, revenue and expenditure plans, tax reforms, and other key announcements.

Union Minister of State for Finance, Pankaj Chaudhary on Saturday arrived at the North Block, which houses the Ministry of Finance, ahead of the presentation of the Union Budget.Speaking to the media, MoS Chaudhary said, "Everything will be before you by 12 pm. Have some patience. You will get to know everything."

Union Finance Minister Nirmala Sitharaman will present the Union Budget 2025 on February 1, 2025, at 11 am in the Lok Sabha. This will mark her eighth consecutive Budget presentation in Parliament and her second comprehensive budget under the Narendra Modi-led NDA government formed in 2024, also known as Modi 3.0.

Taxpayers are also expecting an increase in the standard deduction limit, currently set at Rs 50,000 under the old tax regime and Rs 75,000 under the new tax regime.

A Delhi woman, while speaking about her expectations on the Union Budget said, "As a homemaker, I think the inflation rate should be curbed. Also, the govt should focus on areas such as travel expenses as it's getting higher..."

A student at Prayagraj spoke about his expectations from the Union Budget and said, "Government should bring something that provide job opportunities to youth and also, to smoothen the process of education loan."

A female banker from Mumbai expressed her hope for the budget and said, "The most important thing would be some relaxation in the tax slabs for salaried people. It has not happened for years but it should be done... They provide compensation to women every year..."

The government is expected to continue its fiscal consolidation roadmap, bringing down the fiscal deficit from 4.9 per cent in FY25 to 4.8 per cent, with a target of 4.5 per cent in FY26.

Union Finance Minister Nirmala Sitharaman will present the Union Budget today. One of the most anticipated aspects of the budget is the potential tax relief for both individuals and businesses.