Finance Minister - Business Outrank

On February 1, 2025, Union Finance Minister Nirmala Sitharaman has announced several major reforms in the Union Budget 2025-26. One of the biggest changes was the increase in the tax exemption limit, where no tax is payable by individuals with an income of up to ₹12 lakh. Income tax slabs were also rationalized so that middle class gets relief. The new tax regime has provided that, for instance, those earning between ₹0 and ₹4 lakh have no tax to pay; those between ₹4 and ₹8 lakh and ₹8 and ₹12 lakh are taxed at 5 and 10 per cent, respectively. Other income tax brackets have rates between 15 and 30 per cent. The tax rebate limit under the new tax regime has been raised from ₹25,000 to ₹60,000 for individuals choosing the new tax regime. Also, the taxpayers can now claim two houses as self occupied even if they do not occupy them. The threshold for overseas remittances under the Liberalised Remittance Scheme has been raised to ₹10 lakh for Tax Collected at Source (TCS). Receipt of educational expenses from specified loans is exempt from TCS. Other key changes include extending the tax deduction benefit for NPS Vatsalya scheme to minors for contribution to National Pension Scheme and increasing the TDS limit on interest income for senior citizens from ₹50,,000 to ₹1 lakh.

What's Hot

SIR Ratan Tata’s TCS Faces Rs 53,185 Crore Market Loss Amid Bearish Trends

Anand Mahindra Took to X to Hail Virat Kohli’s Iconic 51st Century Against Pakistan

Adani Group Pays Rs 58,104 Crore Tax in FY24, Marking Major Growth in Contributions

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: Finance Minister

Finance Minister Nirmala Sitharaman’s Budget 2025: Key Changes Every Taxpayer Should Know

SIR Ratan Tata’s TCS Faces Rs 53,185 Crore Market Loss Amid Bearish Trends

Anand Mahindra Took to X to Hail Virat Kohli’s Iconic 51st Century Against Pakistan

Adani Group Pays Rs 58,104 Crore Tax in FY24, Marking Major Growth in Contributions

Is the Government Favoring Tesla Over Tata & Mahindra?

Our Picks

SIR Ratan Tata’s TCS Faces Rs 53,185 Crore Market Loss Amid Bearish Trends

Anand Mahindra Took to X to Hail Virat Kohli’s Iconic 51st Century Against Pakistan

Adani Group Pays Rs 58,104 Crore Tax in FY24, Marking Major Growth in Contributions

Most Popular

SIR Ratan Tata’s TCS Faces Rs 53,185 Crore Market Loss Amid Bearish Trends

Harvesting Hope: Rahul Gandhi’s Empathy in Action with Farmers before 2024 Elections

Is Modi Afraid? Congress Leader Accuses PM of Targeting Rahul Gandhi

Subscribe to Updates

What's Hot

Browsing: Finance Minister