Indian Finance Minister Nirmala Sitharaman presented Budget 2025 on Saturday. The government has paid special attention to the middle class in the budget. What announcements have been made for the common man in this budget. In this budget, many big announcements were made for the common man, youth, industries and economy. In the budget, the government announced that “now there will be no tax on earnings up to Rs 12 lakh.” This will directly benefit the middle class and income tax payers. This will also increase the spending capacity of the middle class. Farmers and youth have also been given a gift in the budget. Not only this, during this he also announced to rationalize the TDS system. The government will introduce a new Income Tax Bill in Parliament next week. In the budget, the government has given a big gift (Budget 2025 for senior citizens) to the middle class as well as the elderly.
Finance Minister made a big announcement for the elderly in Budget 2025 (Budget 2025 for senior citizens)
Talking about the elderly, the Finance Minister has made a big announcement for the elderly in Budget 2025. According to the announcement, now they will be able to file updated returns for four years. Not only this, exemption has also been announced in the budget for the elderly. Apart from this, the TDS limit has been increased to Rs 10 lakh. The limit for filing updated returns was earlier two years but now it has been increased to four years. Let us tell you that the Finance Minister has announced to double the limit of tax deduction on interest income for senior citizens to Rs one lakh. Not only this, there is a proposal to increase the limit of TDS on rent to Rs 6 lakh. Also, the period of incorporation for startups to avail tax benefits has been increased to five years.
Finance Minister gave a big gift to senior citizens (Budget 2025 for senior citizens)
- The limit of deduction on interest for senior citizens has been doubled from Rs 50,000 to Rs 1 lakh
- The annual limit for TDS on rent has been increased from Rs 2.40 lakh to Rs 6 lakh
- The limit of TCS on remittances under the Liberalized Remittance Scheme (LRS) of the Reserve Bank of India has been increased from Rs 7 lakh to Rs 10 lakh
- The provisions of higher TDS deduction will be applicable only on non-PAN cases
Now the new tax slab will be something like this
- Up to Rs 4 lakh, zero
- Rs 4 to 8 lakh 5 percent
- Rs 8 to 12 lakh 10 percent
- Rs 12-16 lakh 15 percent
- Rs 16-20 lakh 20 percent
- Rs 20-24 lakh tax 25 percent
- Rs 24 lakh tax 30 percent
This budget The Finance Minister, excited by this, said that “this will give a big relief to the middle class.” During this, the Finance Minister said that “delay in payment of TCS by a certain date will be taken out of the category of crime.” He said that “TCS on remittance has been waived if the loan was taken for education.” The budget also talks about giving tax exemption on withdrawals from National Savings Scheme (NSS) accounts in August 2024 or thereafter.”
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A big announcement was also made for farmers
Loan up to Rs 5 lakh will be available for dairy and fish farming. Kisan Credit Card (KCC) limit increased from Rs 3 lakh to Rs 5 lakh. Fishing will be encouraged in Andaman, Nicobar and deep sea. 6-year mission to achieve self-sufficiency in pulses. Apart from this, Post Payment Bank payment service will be increased in rural schemes.
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