Budget 2025 HIGHLIGHTS | FY26 fiscal deficit goal of 4.4%, revised new regime income tax rules, Bihar focus in FM's 8th Budget speech

Budget 2025 LIVE Update | PM congratulates FM & her team, says Budget 2025 to boost savings, investments, consumption, growth

This Budget lays a strong foundation enabling the country's citizens to save more and participate in the country's development, says the Prime Minister. 

Here are key highlights of what the PM says: 

• An important milestone in India's development journey
• Budget of 140 crore Indians' aspirations 
• It fulfils the dreams of every Indian
• Budget 2025 will increase savings, increase investment, increase consumption and increase growth rapidly
• I congratulate Finance Minister Nirmala Sitharaman and her team for the people's Budget
• Usually the focus of the Budget is on how the government's treasury will be filled, but this budget is exactly the opposite of that 
• This budget lays a very strong foundation on:
  • How the pockets of the citizens of the country will be filled
  • How citizens' savings will increase
  • How citizens will become partners in development
• Important steps have been taken in the direction of reform in this Budget
• Decision to promote private sector in nuclear energy very historic
• It will ensure a major contribution of civil nuclear energy in the country's development going forward
• Due to infra status, big ship construction to be encouraged
• Atmanirbhar Bharat Abhiyan to get momentum
• Ship building provides most employment
• These Reforms are going to bring a big change in the coming times 
• Announcements made for farmers in the Budget will form the basis of a new revolution in agriculture and rural economy
• Under PM Dhan-Dhanya Krishi Yojana, irrigation and infrastructure will be developed in 100 districts
• An increase in the Kisan Credit Card limit to Rs 5 lakh will help them more 
• Income up to Rs 12 lakh has been exempted from tax
• This exemption from income tax will become a huge opportunity for those who have entered new professions and who have got new jobs
• There is a 360 degree focus on manufacturing in this Budget so that entrepreneurs, MSMEs, small entrepreneurs get strengthened, leading to the creation of new jobs
• Budget not only takes into account the current needs of the country but also helps us prepare for the future
• Deep Tech Fund for Startups, Geospatial Mission and Nuclear Energy Mission are such important steps
• I once again congratulate all the countrymen for historic people's Budget
• Once again, I congratulate the Finance Minister
• Thank you very much 

Budget 2025 | FDI in insurance raised to 100% from 74% 

The Finance Minister announces a hike in the foreign investment limit to 100 per cent in the insurance sector, from the current 74 per cent, as part of new-generation financial sector reforms.

The higher limit will be available for companies investing the entire premium in the country, says Nirmala Sitharaman.

"The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified," she adds. 

Budget 2025 LIVE Updates: FY26 gross borrowings pegged at Rs 14.82 lakh crore

The Union Budget pegs gross borrowings for the financial year beginning April 1 at Rs 14.82 lakh crore, with net borrowings at Rs 11.54 lakh crore. 

Budget 2025 LIVE Update: Take a look at key announcements for middle-class in Budget FY26 

• Higher nil-tax threshold for assessees with annual gross income up to Rs 12 lakh (excluding standard deduction) 
• Revised income tax slabs in new tax regime 
• Maximum tax rate of 30 per cent raised to incomes of Rs 24 lakh and above under new tax regime
• Income Tax Bill to be introduced to simplify tax rules & reduce litigation

Budget 2025 LIVE Update: Budget aims to initiate transformative reforms across 6 domains

These domains are:

• Taxation 
• Power sector 
• Urban development 
• Mining 
• Financial sector 
• Regulatory reforms

ALSO READ: Budget 2025: FM Nirmala Sitharaman lays out vision for ‘Viksit Bharat’ with 10 key focus areas

Budget 2025-26 LIVE Update: FM Nirmala Sitharaman quotes Telugu poet & playwright Gurajada Appa Rao

Quoting Telugu poet and playwright Gurajada Appa Rao, the Finance Minister says: ‘Desamante Matti Kaadoi, Desamante Manushuloi’; meaning, ‘a country is not just its soil, a country is its people'."

The Finance Minister elaborates that the government's Viksit Bharat vision encompasses:

• Zero poverty
• 100% good quality school education
• Access to high-quality, affordable & comprehensive healthcare
• 100% skilled labour with meaningful employment
• 70% women in economic activities
• Farmers making India the ‘food basket of the world’ 

Budget 2025 LIVE Update: Effectively, no income tax for salaried taxpayers with up to Rs 12.75 lakh annual income (including standard deduction)   

The finance minister says: "I am now happy to announce that there will be no income tax payable up to income of Rs 12 lakh (i.e. average income of Rs 1 lakh per month other than special rate income such as capital gains) under the new regime."

"This limit will be Rs 12.75 lakh for salaried taxpayers, due to the standard deduction of Rs 75,000."

Here are the new income tax structure under the new regime: 

Income Tax News

Budget 2025-26 LIVE Update: Assessees with Rs 12 lakh annual income to get Rs 80,000 tax benefit (rebate) in new regime, those with Rs 18 lakh income to get Rs 70,000 tax benefit

An income tax assessee with an annual income of Rs 12 lakh will get a tax benefit of Rs 80,000 in the new regime. 

Similarly, an assessee with an annual income income of Rs 18 lakh will get a benefit of Rs 70,000.

A person with an income of Rs 25 lakh will be eligible to get a Rs 1.10 lakh a benefit of .

Catch detailed analyses of tax announcements here

Budget 2025 Updates: Enhanced credit through Kisan Credit Card, says Finance Minister  

Budget 2025-26 LIVE Update: Assessees with Rs 12 lakh annual income to get Rs 80,000 tax benefit (rebate) in new regime, those with Rs 18 lakh income to get Rs 70,000 tax benefit

An income tax assessee with an annual income of Rs 12 lakh will get a tax benefit of Rs 80,000 in the new regime. 

Similarly, an assessee with an annual income income of Rs 18 lakh will get a benefit of Rs 70,000.

A person with an income of Rs 25 lakh will be eligible to get a Rs 1.10 lakh a benefit of .

Catch detailed analyses of tax announcements here

Budget 2025 Updates Today | FM announces a number of steps focused on Bihar

Greenfield airports will be facilitated in Bihar to meet the state's future needs, in addition to the expansion of the capacity of Patna airport and a brownfield airport at Bihta, says the finance minister. 

Budget 2025 LIVE Update: Direct & indirect tax changes to cost government Rs 1,02,600 crore

The finance minister says that the government will forego revenue of Rs 1 lakh crore on direct taxes and Rs 2,600 crore on indirect taxes on account of Budget 2025 tax changes.

• Direct Tax: Rs 1 lakh crore
• Indirect Tax: Rs 2,600 crore

Taxes make up for about two-thirds of the government's total income, contributing 63 paise to every rupee of revenue earned, as per Budget 2024 documents. Read more

Budget 2025 LIVE Update | Income tax rebate for those with annual income up to Rs 12 lakh in new regime, says finance minister

This benefit will be available as a rebate under the new tax regime, making the tax liability nil for those whose annual taxable income is up to Rs 12 lakh under the new regime. 

Income tax assessees with annual incomes of up to Rs 12 lakh will get the benefit of Rs 80,000, says the finance minister. 

Catch Latest Income Tax Updates Here

Budget 2025 Updates Today | Makhana Board in Bihar, special opportunity for state's people

Budget 2025 LIVE Update | BIG BREAKING—NO TAX ON ANNUAL INCOME UP TO RS 12 LAKH IN NEW REGIME

Budget 2025 LIVE Update Today: Indirect Tax Measures | Cobalt products, LED, zinc, lithium-ion battery scrap exempted from basic customs duty

Additionally, as many as 12 critical minerals have also been exempted from the basic customs duty, according to the finance minister. 

Budget 2025 LIVE Update Today: Indirect Tax Measures | Wet blue leather fully exempted from basic customs duty

The government will fully exempt wet blue leather from the basic customs duty (BCD), says the finance minister.

Budget 2025 LIVE Update | Rahul Gandhi listens intently as Finance Minister Nirmala Sitharaman makes Budget announcements

Leader of Opposition Rahul Gandhi listens to Budget announcements intently as Finance Minister Nirmala Sitharaman delivers her speech in Parliament. 

Union Budget 2025 Update: Finance Minister announces PM Dhan-Dhaanya Krishi Yojana in partnership with states

The initiative is set to cover 100 districts with low productivity, moderate crop intensity and below-average credit parameters, with an aim to enhance 5 things, according to the finance minister. 

Budget 2025-26 LIVE Update Today | 4 engine-powered journey towards Viksit India

Budget 2025 LIVE Update | BREAKING—FY26 fiscal deficit target at 4.4%

Budget 2025 LIVE Update: A special high-level panel for regulatory reforms in non-financial sectors covering regulations, certifications, licences & permissions

In a major step towards reforms, the finance minister announces a high-level committee for regulator reforms in non-financial sectors.

The panel will be required to make recommendations within a year of establishment, says the finance minister. 

Budget 2025 LIVE Update: Modified UDAN scheme to connect 120 destinations

The initiative is set to help 4 crore additional passengers over the next 10 years, says the finance minister. 

Introduced in 2016, the UDAN or Ude Desh Ka Aam Nagrik (flight for every common citizen) scheme, under the Ministry of Civil Aviation, is an ambitious programme aimed at making air travel affordable and accessible for the common man while boosting the country's regional connectivity. 

India Union Budget 2025-26 LIVE Announcements: India on way to becoming 'Viksit Bharat', powered by growth sectors like agri, MSMEs, exports...

"MSMEs, agriculture and exports are some of our growth engines and we will continue to strengthen these sectors," says the finance minister. 

Here are a few key points:

• Budget continues government's efforts to accelerate growth, secure inclusive development
• Budget aims to invigorate private sector investments, uplift household sentiments & bolster the power of India's rising middle class

Budget 2025 LIVE Update | Modified UDAAN scheme to be launched to further enhance regional connectivity 

With an aim to give a further boost to the government's Ude Desh ka Aam Naagrik (UDAN) regional connectivity scheme, the Finance Minister announces a modified version of the programme.

Budget 2025 Update: Development steps span 10 broad areas; poor, youth, farmers, women in focus, says FM

• Spurring agricultural growth & productivity 
• Building rural prosperity & resilience
• Inclusive growth path
• Boosting manufacturing, promoting Make in India
• Supporting MSMEs
• Enabling employment-led development
• Investing in people, economy & innovation
• Securing energy supply
• Exports
• innovation

Budget 2025 LIVE Update: Atmanirbharta (self-reliance) in pulses, PM Dhan Dhanya Krishi scheme, announces FM 

Here are some key takeaways:

• Agri programme to benefit 1.7 crore farmers
• PM Dhan Dhanya Krishi Yojana for farmers
• In partnership with states, Centre to develop policy aimed at boosting farmer income  

Budget 2025 LIVE Update: Budget Focused on taking everyone together on inclusive path, says FM 

The focus of the Union Budget for the coming financial year is on taking everyone together on an inclusive path, says the finance minister. 

Budget 2025 LIVE Update: Narendra Modi 3.0 government to initiate reforms in 6 domains

These domains are:

• Taxation
• Urban development
• Mining
• Financial sector
• Power
• Regulatory 

Budget 2025 LIVE Updates | 6-year mission for Atmanirbharta in pulses, mentions Nirmala Sitharaman 

Budget 2025 LIVE Updates | India growing at faster rate among developing nations, says Nirmala Sitharaman 

 The Narendra Modi 3.0 government sees the next five years as a unique opportunity to stimulate growth, says the Finance Minister. 

Budget 2025 LIVE Update: Budget FY26 continues efforts to accelerate growth & provide inclusive development, says Nirmala Sitharaman

"Together, we embark on the journey to unlock our potential for greater prosperity," says the Finance Minister within the first few minutes of her Budget speech. 

Budget 2025 LIVE Update | FM Nirmala Sitharaman mentions 4 engines for India's journey towards being Viksit Bharat

The four engines are: 

• Agriculture
• MSME
• Investment 
• Exports

Budget 2025 LIVE Updates | BREAKING–Finance Minister Nirmala Sitharaman starts her historic 8th straight Budget speech

Finance Minister Nirmala Sitharaman rises to deliver her historic eighth consecutive Budget speech in Parliament.

Budget 2025 LIVE Update | BREAKING–Finance Minister Nirmala Sitharaman's 8th speech to begin any moment now 

Budget 2025 Live Update: Home Minister Amit Shah reaches Parliament

Union Home Minister Amit Shah has arrived at Parliament ahead of the 2025 Budget presentation.

Budget 2025 LIVE Update | Sensex up nearly 200 pts, Nifty firmly above 23,550; Budget speech begins in about 35 minutes 

Dalal Street is holding on to gains cautiously after a mildly positive start to the day. 

The Sensex is up nearly 200 pts, within inches of the 77,700 mark, while the Nifty is trading near 23,565 at this hour, driven by buying in financial stocks though selling pressure in the FMCG pack--led by ITC--is playing spoilsport.

Budget 2025 LIVE Update | PM Narendra Modi reaches Parliament; Cabinet meeting imminent 

Prime Minister Narendra Modi has arrived in Parliament. 

The Union Cabinet meeting will begin any moment now. 

Budget 2025 LIVE Update: Cabinet meeting to begin shortly, Budget speech to commence at 11 am

The Finance Minister has reached Parliament where the Cabinet meeting will take place shortly. 

Budget 2025 LIVE Update Today: Nirmala Sitharaman's white kasavu saree makes news again

FM Nirmala Sitharaman's iconic sarees have been making news on Budget days.

Her attire for this year's Budget presentation is a stunning white kasavu saree, adorned with a golden border and an exquisite Madhubani painting.

The saree gets its unique look from a fish-themed embroidery and a stunning golden border.

Take a look at her customary pose outside her North Block office, accompanied by her team of officials.

Read more on FM's Budget Day look

Budget 2025 LIVE Update | FM Nirmala Sitharaman is sporting a madhubani art saree gifted by Padma Shri awardee Dulari Devi

The Finance Minister is wearing a special madhubani art saree.

This saree is gifted by Padma Shri awardee Dulari Devi, who hails from a disadvantaged community. 

Devi gifted the saree during the finance minister's visit to the Mithila Art Institute in Madhubani, Bihar, for a credit outreach activity, requesting her to wear it on Budget Day. 

Budget 2025 LIVE Update | Finance Minister heading towards Rashtrapati Bhavan

Budget 2025 LIVE Update: How market guru Anil Singhvi views market

With just a couple of hours left before Finance Minister Nirmala Sitharaman presents the Budget 2025, Zee Business Managing Editor Anil Singhvi shares his insights on Dalal Street and the potential implications of major announcements on the economy and investors.

According to the market wizard, the Budget's success hinges on three crucial factors: whether the fiscal deficit target is ambitious or overly cautious, whether the middle class remains a priority, and whether tax relief is extended to all—including investors. 

Read more here

Budget 2025 LIVE Update: Finance Minister Nirmala Sitharaman reaches Finance Ministry

Revenue Secretary Tuhin Kant Pandey and DIPAM Secretary Arunish Chawla also make it to the North Block. 

Income Tax Budget 2025 Live: When marginal tax was cut from 97.75% to 75% in 1974-75  

There was a time when the maximum marginal tax in India was 97.75%. It was the then finance minister YB Chavan who changed it in the 1974-75 budget. In that budget, taxpayers earning income up to Rs 6,000 a year were kept outside the income tax bracket. However, a 70 per cent marginal rate of basic income tax was introduced on a slab over Rs 70,000/year.

Read More: New Income Tax 2025-26 Live Updates, Budget 2025: Taxpayers expect favourable tax slab changes as Finance Minister Nirmala Sitharaman set to present her 8th budget

Budget 2025 LIVE Updates: What can make this a good Budget? Market guru Anil Singhvi lists 10 major points 

Zee Business Managing Editor Anil Singhvi has shared a list of announcements that can make today's Budget a great one:

• Fiscal deficit below 5% of GDP this financial year
• FY26 fiscal deficit target at 4.5%  
• Tax relief for middle class
• Tax relief for even those falling in the higher income tax rate category; this will boost consumption
• A raise in capex to Rs 11.5-12 lakh crore 
• No more tax hikes for stock market and other investments
• A reduction in the LTCG tax (a hike was announced in the last Budget)
• Relief in securities transaction tax (STT)
• Schemes aimed at creating jobs and boosting manufacturing
• A Budget attracting wealth & prosperity for everyone, in line with PM Narendra Modi's remarks on Budget Eve 

Catch LIVE Market Updates Here

Budget 2025 LIVE Update: What will be FM Nirmala Sitharaman's Budget theme this year? 

In the 2024 Budget, presented on July 23, the Finance Minister laid a special focus on four things: employment creation, skilling, small businesses, and the middle class. 

The FM announced a special Prime Minister’s package containing 5 schemes, with initiatives aimed at empowering these areas of the economy.

That included a provision of Rs 1.48 lakh crore for education, employment and skilling. 

Budget 2025 LIVE Update: FM set to reach North Block within next 1 hour  

The Finance Minister is expected to reach the North Block at around 8:40 am today. Here's Nirmala Sitharaman's schedule for the rest of the day:   

• Photo session with her Budget team at 9 am
• Finance Minister will head to visit President
• Finance Minister will enter Parliament around 10 am
• Budget expected to be approved in Cabinet meeting around 10:20 am
• Finance Minister to deliver Budget speech
• PM Narendra Modi to give his reaction to Budget around 1 pm
• Post-Budget press conference around 3 pm

Budget 2025 LIVE Updates: What do you expect the most in today's speech? Tax relief, capex push, farming focus?

As Finance Minister Nirmala Sitharaman delivers her record 8th consecutive Budget speech, people across the country will be keenly following budget proceedings to know if she has some announcements for them. Income taxpayers have high hopes from her as they expect her to give significant relaxation in income tax slabs.

Besides, there have been calls to increase the limit of Section 80C of the Income Tax Act. The section is fruitful for old tax regime taxpayers as they can save up to Rs 1.50 lakh tax through investments such as insurance premiums and home loan principal.

10 biggest things to expect in today's Budget

Budget 2025 LIVE Update: What's in store for taxpayers today? Stay tuned to find out within hours from now

Many experts see the section on income tax slabs as arguably the most anticipated part of a Budget speech, with even the finance minister placing significant emphasis on it. 

Taxpayers are, once again, eagerly awaiting any new announcement on the income tax rates or slabs, expecting significant relief in income tax slabs to boost their consumption power and combat inflation.

According to SBI Research, the government may reduce tax from 20 per cent to 15 per cent for individuals earning between Rs 10 lakh and Rs 15 lakh annually.

Catch LIVE income tax announcements here

Budget 2025 LIVE Update: From 97.75% to 30%! How India's income tax slabs have evolved since Independence 

Did you know that John Mathai made the first tax slab change in Independent India when he reduced tax on incomes up to Rs 10,000 by a quarter of an anna in two slabs? 

In 1974-75, YB Chavan made a significant change in the tax slab when he cut the maximum marginal rate from 97.75 per cent (the highest-ever) to 75 per cent.

Today, the maximum tax rate stands at 30 per cent (on income above Rs 15 lakh in the new tax regime). 

Read more here

Budget 2025 LIVE Update: Economic Survey views India as a bright spot in global manufacturing; geo-political tensions persist

The Economic Survey 2025 states that the country remains a bright spot globally in terms of manufacturing, despite persistent geopolitical tensions, aggressive industrial and trade policies, supply chain disruptions and a global trade slowdown.

Here are some other important highlights: 

• Significant shifts in global manufacturing over the past decade
• India has been one of the dynamic economies to have gained share
• It is an area gradually vacated by developed countries 

Read more

Budget 2025 LIVE Updates: 3 biggest takeways from Economic Survey FY25

The Economic Survey, released on Friday, has highlighted a few important realities about the country's economy.

Here are three major themes touched by the comprehensive review of the economy for the financial year so far: 

'Viksit Bharat' Dream

According to the Economic Survey, India’s ambition to become 'viksit' (developed) by 2047 depends on the economy maintaining average growth of 8.0 per cent for the next two decades.

FY26 GDP Growth Rate pegged at 6.3-6.8% 

In stark contrast to the 'Viksit Bharat' dream is a projected growth rate of between 6.3 per cent and 6.8 per cent for the financial year beginning April 1, which is in tandem with the IMF's projection of 6.5 per cent between FY26 and FY30.

In FY24, the GDP growth was recorded at 8.2 per cent, cementing the India's position as the fastest-growing major economy. Growth stood at 7.2 per cent in FY23 and 8.7 per cent in FY22.

Agriculture continues to be a strong pillar of growth

According to the Economic Survey, agriculture remains a strong pillar of economic growth with 3.5 per cent growth achieved in the July-September period.

Budget 2025 LIVE Updates: fiscal deficit likely to be pegged at 4.5% of GDP, says SBI Research     

A fiscal deficit target of 4.5 per cent of GDP is likely for the coming financial year, according to SBI Research.

This marks a reduction from the 4.9 per cent target for FY25 and a sharper decline from the actual deficit of 5.6 per cent recorded in FY24.

Read more on what you can expect on the fiscal deficit front this year 

Budget 2025 LIVE Updates: Will FM Nirmala Sitharaman announce a fiscal deficit goal today? 

A country is said to be in a fiscal deficit when its revenue collections fall short of its expenditure. In simple terms, a fiscal deficit occurs when a country spends more than it collects.

As India awaits the Union Budget for 2025-26, it's an apt time to explore key terms associated with this highly anticipated event.

Where does the fiscal deficit stand now?

In July 2024, the government targeted to close FY25 with the fiscal deficit at 4.9 per cent of the country’s GDP, slightly lower than the 5.1 per cent goal set in the Interim Budget.

It aims to contain the deficit at 4.5 per cent by FY26.

Budget 2025 LIVE Updates: FM Nirmala Sitharaman set to table Finance Bill 2025 today

Budget 2025 LIVE Updates: Less than 6 hours to go for Budget speech; this will be Nirmala Sitharaman's 8th Budget presentation in a row

Within six hours from now, Finance Minister Nirmala Sitharaman will be creating history by rising to deliver her 8th Budget speech in a row.

This will bring her closer to Morarji Desai'a record 10 and P Chidambaram's nine Budget presentations, matching Pranab Mukherjee's eight presentations (different time periods). 

Budget 2025 LIVE Updates: What can middle-class families expect in this year's bahi khata?

Days ahead of the much-awaited February 1 Budget announcements, Zee Business connected with a middle-class family to sample what populations belonging to different age groups may want to see in this year’s official financial plan—all squeezed into the Finance Minister’s annual ‘bahi khata’. 

Here are a few inputs shared by one Choksi family based out of Mumbai:

• Senior citizens’ pensions should be tax-free
• Healthcare services should be made more affordable
• Alcohol should be made more expensive
• Medicine should be made cheaper
• Tax-filing process should be simplified further
• More tax relief
• Better research centres for children 
• Better job opportunities for the youth 
• Parks for physical activities in metros like Mumbai

Budget 2025 LIVE Updates: India eagerly awaits Finance Minister's bahi khata. What will it bring for the economy & the common man?

In 2019, Finance Minister Nirmala Sitharaman—India's first full-time female finance minister—made a statement by carrying a 'bahi khata' instead of the traditional briefcase on Budget presentation day. With this gesture, the finance minister broke away from an age-old tradition, where finance ministers would pose outside Parliament with Budget documents in a briefcase—a prop common to numerous historical photographs.

Since then, it has become a symbolic representation of the country's annual Budget. 

A bahi khata is a traditional Indian ledger used for the purpose of accounting and record-keeping. Originally, a bahi khata contained handwritten entries in a distinct ledger format. 

The one that the current finance minister, Nirmala Sitharaman, has carried is clad in red cloth. 

Budget 2025 LIVE Update: Economic Survey pegs GDP growth at 6.3-6.8% in FY26

The Economic Survey, tabled in Parliament earlier today, pegs GDP growth for the coming financial year at 6.3-6.8 per cent, with strong fundamentals, calibrated fiscal consolidation and stable private consumption seen improving from an estimated 6.4 per cent rate in the current financial year. 

Prepared by a team of economists and statisticians headed by Chief Economic Advisor V Anantha Nageswaran, the Economic Survey serves as a precursor—containing valuable context, statistics and forecasts, among other things—that sets the tone of the Union Budget.

Budget 2025 LIVE Updates: Take a look at FM Nirmala Sitharaman's tentative schedule for Feb 1  

Here's a tentative schedule of the Finance Minister's Budget Day this year:   

• Finance Minister will reach the North Block at around 8:40 am
• Photo session with her Budget team at 9 am
• Finance Minister will head to visit President
• Finance Minister will enter Parliament around 10 am
• Budget expected to be approved in Cabinet meeting around 10:20 am
• Finance Minister to deliver Budget speech
• PM Narendra Modi to give his reaction to Budget around 1 pm
• Post-Budget press conference around 3 pm

Budget 2025 LIVE Update: Budget crew in action! Nirmala Sitharaman seen with her Budget team members

Union Minister Nirmala Sitharaman seen appeared with the Secretaries and the senior officials involved in the Budget-making process today.

Team Budget was giving final touches to the annual financial document at Sitharaman's office in North Block in the national capital. 

Budget 2025 LIVE Updates: Rationalisation of tax slabs possible? 

SBI Research holds the view that a new tax rate of 15 per cent should be applied to individuals earning between Rs 10 lakh and Rs 15 lakh a year, from the current 20 per cent.

Here are four other major changes expected by SBI Research, the research arm of the country's largest lender State Bank of India:  

1. New tax regime for all taxpayers: All taxpayers should be moved to the new tax regime, which will involve phasing out exemptions under the old tax regime. While this move is estimated to result in a nominal revenue loss of Rs 50,000 crore, it is expected to enhance tax compliance, increase disposable income, and boost consumption, according to SBI Research.  

2. Flat 15% tax on FD interest: One of the most significant proposals is the introduction of a flat 15 per cent tax on interest earned from fixed deposits (FDs) across all maturities. Currently, FD interest is taxed according to individual income slab rates, ranging from 5 per cent to 30 per cent. Taxing FD interest at a uniform rate of 15 per cent (applicable at the time of withdrawal rather than annually) will align FD taxation with the treatment of equities and mutual funds, simplifying the tax system and encouraging savings though it may result in an estimated revenue loss of Rs 10,408 crore annually.

3. Increase in savings account tax exemption limit: Increasing the tax exemption limit on savings account interest from Rs 10,000 to Rs 20,000 will benefit nearly 99.65 per cent of savings account holders in the country.

5. Enhancement of NPS and medical insurance exemptions: Increasing the National Pension System (NPS) exemption limit from Rs 50,000 to Rs 1 lakh and raising the medical insurance exemption limit from Rs 25,000 to Rs 50,000 will lead to greater financial security for taxpayers.

Read more on income tax expectations and updates

Budget 2025 LIVE Updates: Can you expect income tax changes in this Budget? Will there be revisions in income tax rates and income tax slabs?

In the Narendra Modi 3.0 government's first Union Budget, the finance minister made a number of tax-related changes.

A number of tax experts have voiced their thoughts on what the current income tax structure needs, citing the need for a revision of tax slabs to provide relief to taxpayers.

This time around, many experts expect the finance minister to announce income tax rate cuts for taxpayers in the annual income bracket of up to Rs 30 lakh, citing a significantly reduced disposable income that taxpayers belonging to the middle-income category are experiencing. 

Some experts say that revisions to tax slabs and deductions under Section 80C have not been updated for many years and are due for revision in line with inflation rates. Some also believe that a standard deduction in proportion to income is the need of the hour, along with higher exemption limits for senior and super senior citizens. 

Read more on income tax expectations and updates

Budget 2025 LIVE Updates: Pre-Budget meetings help in shaping Budget priorities

Her multi-session, multi-pronged pre-Budget consultations started on December 6 and concluded on January 6. During this period, FM Sitharaman chaired a chain of meetings with more than 100 invitees across nine stakeholder groups.

Participants included:

• Experts and representatives from farmer associations and agriculture economists
• Trade unions
• Education & health sector representatives 
• MSME representatives 
• Trade & services representatives 
• Industry representatives
• Financial sector & capital markets representatives
• Infrastructure representatives energy

The Narendra Modi 3.0 government also invited comments and ideas from citizens through its MyGov platform, starting January 8.

Budget 2025 LIVE Updates: FM Nirmala Sitharaman engaged in pre-Budget consultations over a month...

As the country awaits eagerly to find what's in store for the economy and its people in the form of the coming financial year's Union Budget, did you know that the Finance Minister engages in a long pre-Budget consultation process before preparing for the much-anticipated annual event? Yes, various stakeholders who contribute to the preparation of the Union Budget during this period include economists, industry representatives, state governments, and other experts. 

Budget 2025 Live Updates, India Union Budget 2025-26: Stakeholders have a long list of expectations... 

The Union Budget comes at a time when the economy has hit a seven-quarter low GDP growth rate of 5.4 per cent in July-September, owing largely to sub-par growth in crucial sectors like manufacturing, mining and electricity.

While the economic growth disappointed many economists and analysts, some say that momentum witnessed in sectors like agriculture, construction and services saved the day, saving the overall growth rate from dipping further. 

Also, the economy has been waiting for the COVID-era interest rates to ease, as the RBI has been delaying an imminent repo rate cut thanks to fluctuations in inflation. 

Budget 2025 Live Updates: Welcome to the Zeebiz.com LIVE blog on Union Budget 2025-26 | Follow this space for the latest announcements

At 11 am on Saturday, February 1, Finance Minister Nirmala Sitharaman is all set to present the Union Budget for 2025-26, which begins on April 1.

This is set to be her eighth Union Budget speech in Parliament.

Will areas like infrastructure, farming, women, jobs and skilling remain high on the Narendra Modi 3.0 government's priority list?  

You will have to wait until the Finance Minister delivers her speech starting at 11 am tomorrow (Saturday, February 1).