Budget 2025 Highlights: Income tax free up to ₹ 12 lakh, see other big announcements in the budget

New Delhi: The Modi government has also given great relief on tax on tax. The Finance Minister has said that income up to Rs 12 lakh will be completely tax free. Along with this, the government is also bringing a new tax law. Announcing this, Finance Minister Nirmala Sitharaman said that the bill will be introduced in Parliament next week for the new tax law. In his/her budget speech, the Finance Minister laid a special focus on farmers, women, youth, elderly, middle class. While the Finance Minister announced to increase seats in IITs and medical colleges, he/she also announced the establishment of Center for Excellence for AI. Let us take a look at the major announcements of the budget of FY 2025-26. There will be no tax on income up to Rs 12 lakh.
➤ Makhana Board will be formed in Bihar.
➤ The limit of Kisan Credit Card (KCC) loan increased from Rs 3 lakh to Rs 5 lakh.
➤ National Institute of Food Technology, Entrepreneurship, and Management will be established in Bihar. This will promote food processing activities throughout the eastern region.
➤ It was announced to increase infrastructure in IITs established after 2015. This will increase 6,500 seats. IIT Patna will be expanded.
Center of Excellence will be established for AI. The Finance Minister has announced an allocation of Rs 500 crore for this.
➤ Five world -class skill centers will be built which will participate with abroad.
➤ For the development of infrastructure, states will be given an interest free loan of 1.5 lakh crore for 50 years.
➤ For medical studies, 10 thousand new seats will be added in colleges and hospitals in FY 2025-26. The government aims to increase the number of new seats to 75 thousand in the next five years.
Investment and turnover limit of Micro, Small and Medium Industries (MSME) was doubled and doubled respectively. Assistance of Rs 5 lakh will be given for women, scheduled castes and scheduled caste people for the first time for starting business.
➤ Flight Plan will be introduced in a new form. Under the scheme, 120 new destinations will be added to which 4 crore additional passengers are targeted.
By 2047, a target has been set to generate at least 100 GW of nuclear power.
➤ Urban Challenge Fund of Rs 1 lakh crore has been announced. This fund will strengthen creative redevelopment. Also, water and clean infrastructure will be emphasized.
➤ Dacare cancer centers will be established in all district hospitals in the next three years.
➤ There is going to be a big change in the tax regime. The Finance Minister has announced the introduction of a new tax bill in Parliament next week.
Modi government will eliminate 100 laws under public confidence 2.0.
➤ There is going to be a big change in the tax regime. The Finance Minister has announced the introduction of a new tax bill in Parliament next week.
➤ Custom duty on 36 life saving drugs was completely removed. 6 % custom duty on 6 live saving drugs.