Finance Minister Nirmala Sitharaman stated that the tax rebate increase to Rs 12 lakh in the 2025-26 Budget will exempt around 1 crore more individuals from paying income tax, resulting in more money for people. The revised tax structure now allows those with a net taxable income of up to Rs 12 lakh to be exempt from income tax, a significant rise from Rs 7 lakh. Additionally, she mentioned the upcoming presentation of the new Income Tax Bill in Parliament next week for referral to a Standing Committee.
The Finance Minister confirmed that the Union Budget for 2025-26 does not cut public spending on capital expenditure. Emphasizing the positive impact of government-led capital expenditure, she stressed the importance of maintaining fiscal prudence. Furthermore, the Budget reflects priorities for ‘Viksit Bharat’, balancing rural prosperity and urban development while prioritizing reforms.
In addition, she mentioned plans to amend the Atomic Energy Act and Civil Liability for Nuclear Damage Act to enhance energy security. The budget emphasizes increased seats in medical colleges nationwide to prioritize education and healthcare.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
Leave a Reply