Quick Summary
Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman presented Union Budget 2025-26 in the Parliament today. The highlights of the budget are as follows: Budget Estimates 2025-26 The total receipts other than borrowings and the total expenditure are estimated at Rs 34.96 lak
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FAQ :
The total receipts other than borrowings are estimated at Rs 34.96 lakh crore, and total expenditure is estimated at Rs 50.65 lakh crore. Net tax receipts are projected at Rs 28.37 lakh crore, with a fiscal deficit of 4.4% of GDP. Gross market borrowings are estimated at Rs 14.82 lakh crore, and capital expenditure is earmarked at Rs 11.21 lakh crore.
The budget introduces the Prime Minister Dhan-Dhaanya Krishi Yojana to develop 100 low-productivity districts, a mission for self-sufficiency in pulses (Tur, Urad, Masoor), a comprehensive programme for vegetables and fruits, a Makhana Board in Bihar, a National Mission on High Yielding Seeds, a framework for sustainable fisheries, and a 5-year mission to improve cotton productivity.
MSME classification criteria for investment and turnover will be enhanced. Customized credit cards with a Rs 5 lakh limit will be issued to micro-enterprises, with 10 lakh cards planned in the first year. A new Fund of Funds with Rs 10,000 crore contribution will be set up for startups, and a scheme will provide term-loans up to Rs 2 crore for first-time women, SC, and ST entrepreneurs.
Under the new tax regime, no personal income tax will be payable on income up to Rs 12 lakh (or Rs 12.75 lakh for salaried individuals with standard deduction). The budget also revises the tax rate structure with rates ranging from Nil to 30% for income above Rs 24 lakh.
Yes, the budget rationalises TDS/TCS by reducing rates and thresholds. The limit for tax deduction on interest for senior citizens is doubled to Rs 1 lakh, and the annual limit for TDS on rent is increased to Rs 6 lakh. The threshold for TCS on remittances under LRS is raised from Rs 7 lakh to Rs 10 lakh.
The budget proposes to remove seven tariff rates, leaving eight in total. It also exempts critical minerals like cobalt, lithium-ion battery scrap, lead, and zinc from Basic Customs Duty (BCD). Additionally, BCD rates are adjusted for textiles, electronic goods, and shipping sectors, with exemptions extended for EV and mobile phone battery manufacturing capital goods.
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