No Income Tax For Upto Rs 12 Lakh Income - FM's Big Gift To Middle Class
Budget 2025 Live Updates: FM Nirmala Sitharaman's Address on Railways, Defence, Real Estate, GDP Growth, Income Tax, Subsidies & More – Latest News
Budget 2025 Live Updates: Finance Minister Nirmala Sitharaman introduced Union Budget 2025 with a departure from tradition, opting for a digital tablet over the customary 'bahi khata'. The Budget highlights several key developments aimed at bolstering India's economic landscape.
Key Announcements
Income Tax Exemption: Individuals earning up to Rs 12 lakh annually are now exempt from income tax, aimed at easing the tax burden on the middle class and promoting consumption, savings, and investments.
Introduction of New Income Tax Bill: A new, simplified Income Tax Bill was announced, designed to reduce complexities and streamline tax laws. It aims to be 50% shorter in terms of chapters and words compared to existing laws, enhancing clarity and reducing litigation.
Fiscal Deficit: The fiscal deficit for FY26 is estimated at 4.4% of GDP, reflecting the government's commitment to fiscal consolidation and a reduction from previous estimates, showcasing a focused approach towards economic stability.
Sharad Malhotra, President, Automotive Refinishes & Wood Coatings, Nippon Paint India on Union Budget
"The Union Budget 2025-26 has introduced several initiatives for strengthening India's manufacturing sector and clean mobility. The ‘Make in India’ focus of the National Manufacturing Mission will boost local production, reduce import dependence, and strengthen supply chains, creating a more self-reliant economy. This initiative also emphasizes the importance of R&D to drive innovation and enhance manufacturing capabilities within India.
At Nippon Paint India, we see this as a great opportunity to contribute to clean energy innovation and sustainable manufacturing. We’re committed to expanding local production, investing in advanced facilities, driving R&D efforts for next-generation products, and partnering with industry leaders to build a robust ecosystem for growth.
With a focus on equipping the youth for global opportunities, the National Centres of Excellence in AI and the establishment of 50,000 Atal Tinkering Labs will help students hone their skills in cutting-edge technologies towards achieving “Make for India, make for the world”.
The announcement of 10,000 scholarships dedicated to fostering innovation and research, along with a National Digital Repository for knowledge systems will create a robust and future-ready education ecosystem. The budget has introduced strategic initiatives in technical education expansion which will broaden the horizon for India’s youth and empower emerging Tier-2 cities to become global hubs for tech innovation, positioning India as a leader in global manufacturing and skilling."
