No income tax till Rs 12 lack As 2025-26 Budget According to Nirmala Sitharaman, India’s revised fiscal deficit for the fiscal year 2024–2025 is 4.8% of GDP. Key takeaways from the Budget 2025: healthcare for gig workers, no income tax until Rs 12 lakh, and more
No income tax till Rs 12 lack As 2025-26 Budget
No income tax till Rs 12 lack As 2025-26 Budget, On Saturday, Union Finance Minister Nirmala Sitharaman unveiled the 2025–2026 fiscal year budget.
No income tax till Rs 12 lack As 2025-26 Budget, A day after the Economic Survey 2024–2025 was presented, it was said that India must attain consistent economic growth of about 8% for a minimum of ten years in order to reach its objective of being a developed nation by 2047.
The following are Sitharaman’s Budget’s main announcements:
Tax on Income
No income tax till Rs 12 lack As 2025-26 Budget, The Center suggested that under the new system, income up to Rs 12 lakh would not be subject to income tax. For salaried taxpayers, the cap would be Rs 12.75 lakh, taking into account the basic deduction of Rs 75,000.
No income tax till Rs 12 lack As 2025-26 Budget, According to the finance minister, the new income tax slabs will encourage investment, savings, and household consumption.
The New Direct Tax Law
No income tax till Rs 12 lack As 2025-26 Budget, Next week, the Center will present a revised Direct Tax Bill to Parliament, according to the Union Finance Minister. According to her, the new law “will be clear and direct in text” and “simple to understand” for both tax administration and taxpayers.
deficit in the budget
No income tax till Rs 12 lack As 2025-26 Budget, According to Sitharaman, India’s updated fiscal deficit for the fiscal year 2024–2025 is 4.8% of GDP. For the upcoming fiscal year, a 4.4% fiscal deficit is the goal. “We will strive to maintain a fiscal deficit each year so that the central government debt continues to decrease as a proportion of GDP,” she stated.
No income tax till Rs 12 lack As 2025-26 Budget, When the government spends more money than it takes in within a given fiscal year, there is a fiscal deficit.
The expected government receipts for the fiscal year 2025–2026 are Rs 35 lakh crore, while the proposed expenditures amount to Rs 50 lakh crore.
It is estimated that in 2024–2025, revised receipts other than borrowings will total Rs 31.4 lakh crore, of which Rs 25.5 lakh crore will come from net tax receipts. The capital expenditure accounts for approximately Rs 10.1 lakh crore of the revised spending estimate of Rs 47.1 lakh crore.
Regarding Gig workers
No income tax till Rs 12 lack As 2025-26 Budget, The finance minister suggested registering on the government’s e-Shram platform and offering identity cards. The Pradhan Mantri Jan Arogya Yojana national health insurance program will also offer healthcare benefits to gig workers. According to Sitaraman, the action is anticipated to benefit about one crore gig workers.
Increased FDI cap in the insurance industry
No income tax till Rs 12 lack As 2025-26 Budget, The finance minister declared that the current 74% cap on foreign direct investment in the insurance industry would be raised to 100%. Companies that invest the full premium in India will be eligible for the new cap. “We will review and simplify the current guardrails and conditionalities related to foreign investment,” she continued.
States receiving financial assistance for infrastructure
No income tax till Rs 12 lack As 2025-26 Budget, The Center suggested spending Rs 1.5 lakh crore on interest-free loans to states for capital projects and “incentives for reforms” with a 50-year term.
A plan to increase agricultural output
According to the Center, the Dhan-Dhaanya Krishi Yojana would be implemented in 100 districts with below-average credit criteria, moderate crop intensity, and low productivity in collaboration with state governments.
According to Sitharaman, the program’s goals include boosting agricultural output, assisting farmers in implementing sustainable farming methods and crop diversity, and enhancing post-harvest storage facilities.
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