In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
India's opposition parties have sharply criticized the Union Budget, calling it inadequate to address the country's economic woes and accusing the BJP-led government of using it to woo voters in Bihar and Delhi ahead of upcoming elections. Leaders from the Congress, TMC, DMK, SP, and CPI(M) voiced their disapproval, highlighting concerns over inflation, unemployment, and the lack of substantial measures to support the agricultural sector and the poor. They also criticized the tax cuts for the middle class as insufficient and coming too late after years of high taxes and rising prices.
Rajya Sabha witnessed heated exchanges between the treasury and opposition benches after Congress leader Mallikarjun Kharge made remarks on the manner in which political parties select women candidates from weaker sections and raised the issue of 'delayed' GST payments to non-Bharatiya Janata Party ruled states.
'If our Budget allows, we may implement both measures -- making income up to Rs 10 lakh tax-free and introducing a 25 per cent slab for income between Rs 15 lakh and Rs 20 lakh.'
Gold prices hit a fresh record high of Rs 84,900 per 10 grams in the national capital on Friday, driven by robust domestic demand and strong global cues, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity continued its ascent for the third straight session, jumping by Rs 1,100 to hit a new peak of Rs 84,900 per 10 grams.
Fitch Ratings on Monday said India's pace of debt reduction is gradual, leaving room for a downside risk to sovereign rating in the eventuality of a significant economic shock. However, the rating agency expressed confidence in India's ability to stick to its medium-term fiscal framework, which aims to reduce debt and bring it on a downward trajectory over time.
'The increase in the limit for TDS on interest to Rs 1 lakh will ensure greater cash flow in the hands of senior citizens.'
While the capital spending is being maintained at 3.1 per cent of the GDP, a little more would have boosted economic growth even further, suggests Rajiv Memani.
BJP leader Sudhir Mungantiwar said the Mahayuti partners will meet Governor C P Radhakrishnan to stake a claim to form a government in the state.
Tamil Nadu is set to protest against the National Education Policy (NEP) on February 18, with the ruling DMK and its allies announcing a demonstration. The state government has been at odds with the Centre over the implementation of the NEP and the three-language formula proposed in the policy. Union Education Minister Dharmendra Pradhan dismissed the state's opposition as "politics" and asserted that the Centre is committed to implementing the NEP across the country. The DMK, however, accused the Centre of encroaching on the state's rights and using the office of the Governor to push the NEP.
ELSS investments require a long-term commitment of at least seven years.
Union Finance Minister Nirmala Sitharaman on Saturday announced a fresh Rs 15,000 crore 'SWAMIH Fund' for completion of 1 lakh units in stalled housing projects across various cities, a move aimed at providing relief to distressed homebuyers whose investments are stuck. In November 2019, the Centre announced a stress fund named 'Special Window for Affordable and Mid-Income Housing' (SWAMIH), to complete stalled housing projects across India.
To tap Indian civil aviation market's growth potential, the government on Saturday announced a modified regional air connectivity scheme UDAN (Ude Desh ka Aam Naagrik) to connect 120 new destinations, airport projects in Bihar and upgradation of infrastructure for air cargo in the Union Budget.
The government on Saturday announced a host of measures such as setting up of a new Fund of Funds Scheme (FFS) with Rs 10,000 crore corpus; and extension of period of incorporation by five years with a view to promote growth of budding entrepreneurs.
The Rural Development Ministry has been allocated Rs 1.88 lakh crore in the Union Budget for 2025-26, around 5.75 per cent more than the allocation in the previous budget.
India on Saturday announced plans to amend its nuclear liability law and set up a nuclear energy mission, a move that came ahead of Prime Minister Narendra Modi's likely visit to the United States.
In a significant policy shift aimed at boosting agri-productivity and rural prosperity, Finance Minister Nirmala Sitharaman on Saturday announced six new agricultural schemes while increasing the subsidised Kisan Credit Card loan limit to Rs 5 lakh from the existing Rs 3 lakh, benefiting 7.7 crore farmers, fishermen, and dairy farmers.
Ushering in reforms, Union Finance Minister Nirmala Sitharaman on Saturday proposed to open up the nuclear power sector for private players and announced a Rs 20,000 crore Nuclear Energy Mission for research in the field, with an aim to set up five small and modular reactors by 2033.
Do we have enough trained oncologists and medical professionals in India to man these over 4,500 beds in the public sector?
India and Qatar on Tuesday agreed to elevate their relationship to a strategic partnership and double bilateral trade to USD 28 billion over the next five years. Prime Minister Narendra Modi and Qatari Amir Sheikh Tamim Bin Hamad Al-Thani signed agreements and MoUs to strengthen economic cooperation, including a revised double taxation avoidance agreement. The strategic partnership will cover the "entire spectrum" of the bilateral relationship, including trade, energy security, and regional and international cooperation. Both leaders also discussed ways to further strengthen and broaden the energy partnership, including "exploring mutual investments." The Amir's visit provided an "excellent opportunity" for the top leadership of the two countries to discuss and "cement a strategic partnership for enhanced future cooperation."
The TMC-led West Bengal government has already started laying the groundwork for the election, setting the tone with the recent Bengal Global Business Summit and the state Budget.
India's demographic advantage and diverse economic landscape position it uniquely to benefit from AI, the Economic Survey for 2024-25 tabled in the Parliament on Friday afternoon asserted. However, achieving these benefits requires significant investments in education and workforce skilling, supported by enabling, insuring, and stewarding institutions, the state of the economy report tabled by Finance Minister Nirmala Sitharaman said.
'Spend, but create assets, spend but make sure that people benefit from it.' 'This has been a beautiful guiding principle. And I think as a finance minister I owe so much to the prime minister for keeping this path clear before us.'
Finance Minister (FM) Nirmala Sitharaman has presented a forward-looking Budget, reinforcing the government's commitment to 'Reform, Perform, and Transform'.
Finance Minister Nirmala Sitharaman will present her 8th straight Budget and all eyes will be on the much-expected tax relief for the middle class. Sitharaman had in her first Budget in 2019 replaced the leather briefcase -- which had been in use for decades for carrying Budget documents -- with a traditional 'bahi-khata' wrapped in red cloth.
'Additionally, the significant employment multiplier will boost direct and indirect jobs of up to 1.1 million.'
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
The Indian government's announcement of 10,000 additional seats in medical colleges next year, part of a plan to add 75,000 seats over five years, has been welcomed by education experts and stakeholders. The move aims to address the shortage of medical professionals and reduce the outflow of Indian medical students to other countries. The budget also includes infrastructure expansion at five new IITs to accommodate 6,500 more students and an allocation of Rs 500 crore to set up a Centre of Excellence in Artificial Intelligence for education.
India's Finance Minister Nirmala Sitharaman has announced an ambitious plan to develop the country's top 50 tourist destinations in a "challenge mode", with the aim of boosting employment-led growth and attracting international visitors. The Ministry of Tourism has received a significant budget increase for 2025-2026, with a focus on enhancing tourism infrastructure, promoting domestic and international travel, and ensuring the safety of tourists, particularly women. The government plans to promote homestays, improve connectivity to tourist spots, and provide performance-linked incentives to states that demonstrate effective destination management. The budget also includes investments in public enterprises, skill development programs, and initiatives to promote medical tourism and spiritual tourism.
'The scrapping of import duty would help Indian companies compete in international markets, thus paving the way for India becoming a space manufacturing hub for the world.'
The finance minister's assertion that industry should not expect any spectacular announcements in the 2024 interim Budget suggest that the electoral imperatives of more tax concessions or higher expenditure on welfarist programmes could be far less pronounced than they were before the 2019 interim Budget, expects A K Bhattacharya.
Whether the ambitious targets are achievable is a moot question as India's earlier target was 20,000 MW of nuclear power by 2020.
Prime Minister Narendra Modi said on Friday that there have been no attempts from abroad to stoke trouble in India ahead of the Parliament's Budget session, which begins on Saturday. Modi's statement comes as his government prepares to present its first full-fledged budget in its third term. He expressed confidence that the Budget session will infuse new confidence and energy in attaining the goal of 'Viksit Bharat' by 2047, and said his government has been working in a mission mode for an all-round development.
'Not only jobs are not being generated, but people are also losing jobs.'
India's Parliament is set to begin its Budget session on Friday, with opposition parties poised to demand a discussion on the alleged mismanagement of the Maha Kumbh festival in Prayagraj, where 30 pilgrims died in a stampede. The opposition also accused the government of politicising parliamentary committees and pushing its agenda through its majority. The session will start with President Droupadi Murmu addressing both houses of Parliament. Finance Minister Nirmala Sitharaman will present the Union Budget on Saturday for the eighth consecutive time.
The Indian women's kho kho team secured a commanding 80-point victory over Malaysia, ensuring their place in the World Cup quarterfinals.
Finance Minister Nirmala Sitharaman on Friday participated in a traditional 'halwa' ceremony, marking the final stage for the preparation of Union Budget 2025-26 to be unveiled on February 1 in the Lok Sabha. The ceremony is a customary ritual in which traditional dessert 'halwa' is prepared and served to officials and staff members of the finance ministry who are involved in the preparation of the Budget.
Finance Minister Nirmala Sitharaman on Tuesday, April 11, 2023, met with US Treasury Secretary Janet Yellen in Washington, DC.
Budget 2025-26 delivers a carefully calibrated strategy-stimulating demand and investment while keeping fiscal discipline intact. In an environment marked by global trade disruptions, and a softening in urban consumption, Finance Minister Nirmala Sitharaman has taken a measured approach.
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