Page 15 - Latest Updates on Budget 2025-26

Budget 2025: Relief on 2 self-occupied properties, without riders

Annual limit of Rs 2.4 lakh for TDS on rent increased to Rs 6 lakh

Budget 2025 focuses on ease of doing biz, promotes manufacturing: ICAI

The Institute of Chartered Accountants of India (ICAI) on Saturday said the Budget focuses on ease of doing business, promote domestic manufacturing and position India as a more competitive player in global trade, supporting economic resilience and growth. "Suggestions by ICAI in Pre-Budget memorandum regarding the finance bill 2025, phasing out of alternative tax regime, rationalisation of TDS and TCS regime, exemption of withdrawal from NSS and taxation of business trusts have also been accepted," ICAI President Ranjeet Kumar Agarwal said in a statement. Finance Minister Nirmala Sitharaman on Saturday presented her eighth consecutive Budget. Sitharaman announced significant income tax cuts for the middle class and unveiled a blueprint for next-generation reforms for Viksit Bharat as she treaded a fine line between fiscal prudence and providing a thrust to growth. ICAI also said deeming the annual value of two self-occupied house property as nil instead of erstwhile one, is a great

Budget 2025: FMCGs hope tax relief, rural infra funds to boost consumption

The proposed income tax relief for the middle class and increased investments for rural development will help to drive consumption and propel growth of the premium product market, leading FMCG and consumer goods makers said on budget proposals. The measures announced by Finance Minister Nirmala Sitharaman in the Union Budget will not only alleviate the burden of inflation and rising living costs but also help stimulate overall consumption, the makers said. The Union Budget 2025-26 is a bold and forward-looking plan that places the middle class at its core while ensuring inclusive and sustainable growth across all sectors," said Marico MD & CEO Saugata Gupta. For middle-class families, strategic focus on targeted tax relief and enhanced social security measures, will uplift household sentiments, boost disposable income and drive consumption, he added. PepsiCo India & South Asia Chief Executive Officer Jagrut Kotecha said Union Budget 2025 is focused on an income-led economic ...

Import duty cut to make mobile production ecosystem more competitive: ICEA

Government proposal to reduce import duty on several components as well as exemption of capital goods will reduce cost of indigenous mobile manufacturing but consumers are unlikely to get a major relief, according to an industry body. India Cellular and Electronics Association Chairman Pankaj Mohindroo said that the removal of 2.5 per cent duty on mobile parts was a "nuisance" tariff which was not doing any value addition in the mobile phone manufacturing ecosystem. "The government has removed the 2.5 per cent import duty across the board. In terms of cost, it is not very significant. It will help the industry save 0.09-0.1 per cent. Overall measures announced in the budget will boost competitiveness in the Indian mobile manufacturing space which is good for attracting investments and enhancing exports," Mohindroo said. At present all major brands including Apple, Samsung, Google Vivo, Xiaomi manufacture their smartphones in India. Finance Minister Nirmala Sitharaman in the union .

Budget 2025: Enabling 'Heal in India' through equitable healthcare

Digital healthcare gets a major push, with broadband connectivity planned for all primary healthcare centres (PHCs) and rural schools

Budget 2025: NCRTC gets Rs 2,900 cr for regional rapid rail project

The National Capital Region Transport Corporation (NCRTC), India's first regional rapid rail project, has received an allocation of more than Rs 2,900 crore in the Union Budget 2025-26 announced on Saturday. The NCRTC has started its operation in Delhi from January 5 after Prime Minister Narendra Modi inaugurated a 13-km section of the corridor from Sahibabad in Ghaziabad to New Ashok Nagar in the national capital. The NCRTC received a total outlay of 2,918 crore in the current budget, while it was Rs 3,855 crore in last budget's revised estimates. The union budget for 2025-26 was presented by Finance Minister Nirmala Sitharaman on Saturday. After the inauguration of the NCRTC's Delhi section, commuters from the national capital can reach Meerut South in just 40 minutes. Currently, two stations -- Anand Vihar and New Ashok Nagar -- are operational in Delhi, while a third one is under construction at Sarai Kale Khan. The 82-km Regional Rapid Transit System (RRTS) corridor originat

Good steps forward: Nasscom hails Budget's focus on improving ease of biz

IT industry body Nasscom on Saturday welcomed the government's focus on fostering entrepreneurship and improving ease of doing business in the Union Budget 2025-26 and said "these are the good steps forward". Nasscom President Rajesh Nambiar said the government's focus on innovation and improving ease of doing businesses reinforces its commitment of making India a global leader. "The commitment to expanding safe harbour rules, both on the threshold as well as on the rate side is very much welcome. These are the good steps forward," he said. The government has rationalised basic customs duty rates, slashing the number of levies to just eight, but has kept the effective duty rates on most items the same by adjusting cess to further ease of doing business. Finance Minister Nirmala Sitharaman removed seven tariff rates in the 2025-26 Budget. These are in addition to the seven tariff rates removed in the 2023-24 Budget. After this, there will only be eight remaining tariff rates, inclu

Budget proposes GST amendment: Track and Trace Mechanism to prevent evasion

The Union Budget has proposed a host of amendments in GST law, including implementing the Track and Trace Mechanism, for evasion-prone goods. The budget inserted a new clause in Central GST law to provide for a definition of Unique Identification Marking for the implementation of Track and Trace Mechanism. "Unique identification marking" includes a digital stamp, digital mark or any other similar marking, which is unique, secure and non-removable. AMRG & Associates Senior Partner Rajat Mohan said the introduction of penalties under new sections like 122B and 148A to enforce track and trace mechanisms indicates a strong push towards digitisation and better supply chain monitoring.

Money in people's hands, and more: Budget balances growth, fiscal goals

As expected, the Revised Estimate of the fiscal deficit for the current financial year was pegged at 4.8 per cent of the gross domestic product (GDP)

FM announces Rs 25K cr Maritime Development Fund to boost shipping

Sitharaman announces shipbreaking credit note scheme, Maritime Development Fund

Tech leaders, startup founders, investors welcome Budget 2025-26

The Budget announced a new Fund of Funds (FoF) with an expanded scope of Rs 10,000 crore

Budget 2025: Defence gets Rs 6.81 trn; aircraft, engines, ships in focus

The MoD has designated 2025 as the 'Year of Reforms', announcing in December that the Defence Acquisition Procedure 2020 is 'expected to undergo a complete revamp' this year

Budget 2025: J&K gets Rs 41,000 crore, separate Rs 9,325 cr for police

The Centre has allocated Rs 41,000.07 crore to Jammu and Kashmir in the Union Budget for 2025-26, which is almost the same as the revised estimate for the 2024-25 fiscal. Additionally, the Jammu and Kashmir Police -- directly controlled by the Union home ministry since the abrogation of Article 370 and the reorganisation of the erstwhile state -- will receive Rs 9,325.73 crore, up from Rs 8,665.94 crore in 2024-25. In the budget presented by Union Finance Minister Nirmala Sitharaman in the Lok Sabha on Saturday, Rs 40,619.30 crore has been allocated as central assistance to meet the resource gap in Jammu and Kashmir. Rs 279 crore has been allocated as grants towards contribution to the Union Territory Disaster Response Fund and Rs 101.77 crore as support for capital expenditure. The Centre had allocated Rs 42,277.74 crore to Jammu and Kashmir for the 2024-25 fiscal that was later revised downwards to Rs 41,000.07 crore. In the 2023-24 fiscal, the allocation for Jammu and Kashmir wa

Budget 2025: Rs 20,000 cr allocated to DPT for starting Rs 1 trn R-D fund

Signalling a commitment to research and development, Union Finance Minister Nirmala Sitharaman on Saturday allocated Rs 20,000 crore to the Department of Science and Technology as a corpus for a fund to promote private sector-driven innovation. Sitharaman had announced setting up of a Rs 1 lakh crore research and development fund in the budget last July. The allocation in Saturday's budget will kickstart the fund aimed at supporting research and development in deep tech and sunrise sectors. "To implement the private sector-driven Research, Development and Innovation initiative announced in the July budget, I am now allocating Rs 20,000 crore," Sitharaman said. Presenting the Union Budget for the 2025-26 fiscal, the finance minister also said a Deep Tech Fund of Funds would be explored to catalyse the next generation start-ups as part of this initiative. "The allocation this year will kickstart the fund and be a major boost to support research and development in the private sector

A Deep dive into Union Budget 2025 | Income tax slab | Middle class | New tax regime

Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 on February 1. The Budget addresses four key areas: stimulating private consumption, continuing fiscal consolidation.

Budget proposes focused scheme for footwear industry, to create 2.2 mn jobs

Scheme to support design capacity, component manufacturing, and machinery for producing non-leather 'quality footwear'

Union Budget 2025-26: Accelerating India's march towards Viksit Bharat

The enhancement of the credit guarantee cover for MSMEs from Rs 5 crore to Rs 10 crore should make more credit available to these units, which are significant employment generators

Budget neglects challenges facing Indian economy, say Left parties

The Union Budget has neglected the challenges facing the Indian economy and not provided any relief to the poor reeling under the pressure of high inflation, stagnated income and rising unemployment, Left parties said on Saturday. In a statement issued here, the politburo of the Communist Party of India (Marxist) said instead of addressing the root cause of the demand problem being faced by so many sectors of the economy and the lack of purchasing power for large sections of the population because of mass unemployment and shrinking wages, the BJP-led Centre is trying to stimulate the economy by giving tax cuts to a small minority with higher incomes even as expenditures are cut. "While the Economic Survey shows the desperate plight of India's labour force, pointing out the decrease in earnings over the last five years, this budget with its emphasis on cutting government expenditures while giving concessions to the rich will only increase the huge inequalities in India," the CPI(M) ..

MEA gets Rs 20,516 cr in Budget 2025, aid to Bhutan highest at Rs 2,150 cr

In line with India's 'neighbourhood first' policy, Bhutan was on Saturday allocated the largest share of Rs 2,150 crore as development aid in the Union Budget for 2025-26 followed by Rs 700 crore to Nepal and Rs 600 crore to the Maldives. The Ministry of External Affairs (MEA) was allocated a total of Rs 20,516 crore as against the current fiscal's budget estimate of Rs 22,154 crore and revised estimate of Rs 25,277 crore. Like for 2024-25, an amount of Rs 100 crore has been set aside for the Chabahar port project. Located in the Sistan-Balochistan province on the energy-rich Iran's southern coast, the Chabahar port is being developed by India and Iran to boost connectivity and trade ties. The total overseas development partnership portfolio for 2025-26 has been pegged at Rs 6,750 crore, which is nearly 33 per cent of the allocation made to the MEA. The outlay for overseas development assistance is an increase of about 20 per cent over current fiscal's allocation of Rs 5,667 ...

Govt proposes new tariff lines for rice, makhana products in Union Budget

The government on Saturday proposed to create new tariff lines for makhana products and rice based on process and varieties. These changes under the Customs Tariff Act 1975 will come into effect from May 1, this year. According to the Budget document for 2025-26, the government has proposed provision for creating new tariff items for rice based on process (paraboiled, others) and on variety (rice recognised by geographical indications registry, basmati and others) under sub-headed HS code 1006-30. The government has proposed creating new tariff items and supplementary notes for identification of certain technical-grade pesticides and certain goods covered by international conventions. It also provided for the provision to separately identify waste oils containing different levels of concentration of levels of polychlorinated biphenyls (PCBs), polychlorinated terphenyls (PCTs) or polybrominated biphenyls (PBBs) under sub-heading HS code 2710-91. A tariff line is a specific entry in