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Union Budget 2025 Live Updates:
Union Finance Minister Nirmala Sitharaman on Saturday presented the Budget for the third term of the Bharatiya Janata Party (BJP)-led government, providing significant tax relief to the salaried middle class that was struggling with high prices and stagnant wages. Making a slew of announcements, Ms Sitharaman said individuals having an annual income of Rs 24 lakh or more can hope to save Rs 1.10 lakh in income tax, while those earning Rs 12 lakh will have to pay no tax, benefiting to the tune of Rs 80,000 from next fiscal under the new regime.
She also said the government will introduce a new Income Tax bill in Parliament next week, replacing the six-decade old income tax act of 1961.
The Union Budget 2025-26 envisaged an expenditure of Rs 50,65,345 crore, an increase of 7.4% over the current fiscal. The 2024-25 expenditure (Revised Estimates) is Rs 47.16 lakh crore.
Prime Minister Narendra Modi lauded the Union Budget as a "people's budget" that puts more money in the hands of people, and said it is a force-multiplier that will increase investments and lead to growth. "The Budget lays a strong foundation to increase savings and make citizens partners in development," he said.