FM Nirmala Sitharaman News

Union Minister Pralhad Joshi said that ‘Digital India’ has revolutionised agriculture through eNAM, enabling farmers to connect directly with buyers across the country. 

Apart from this, 74 per cent of those getting benefits under the Start-Up India entrepreneurs scheme are also women. 

Moody’s also cautioned that further escalation in tensions with India could hamper Pakistan’s economic growth and delay its fiscal consolidation efforts, undermining the country’s progress toward macroeconomic stability. 

ITR Filing For FY 2024-25: The Income Tax Act allows individuals to switch between the old and new tax regimes while filing their ITR.

FM Nirmala Sitharaman added that while some refinements are needed, the Council is very close to finalising key changes such as rate reductions, rationalisation, and slab adjustments. 

In the budget presented last month, Finance Minister Nirmala Sitharaman reduced tariffs on a range of imports, from automobiles to liquor, and more may be coming.  

Finance Minister Nirmala Sitharaman pointed out that the fear that some sections of society may have, about AI leading to a lot of undetected unethical practices will not be addressed “unless we, from the beginning, understand it with responsibility." 

Mutual Credit Guarantee Scheme For MSMEs: The Finance Minister also distributed sanction letters to MSMEs qualifying for the scheme. This initiative aims to improve access to credit and significantly boost India's manufacturing sector.

Finance Minister Nirmala Sitharaman announced several incentives in the Union Budget including a slew of incentives aimed at promoting investment, employment and off-shore funding at GIFT's International Financial Services Centre. 

The GST Council, which includes representatives from both the central and state governments, meets regularly to review tax policies and make necessary adjustments to ensure a fair and balanced taxation system.  

Income Tax Slabs Under New Regime For FY 2025-26: Finance Minister Nirmala Sitharaman provided major relief to taxpayers in the Union Budget 2025-26 by increasing the tax-free income limit from Rs 7 lakh to Rs 12 lakh.  With a standard deduction of Rs 75,000 for salaried individuals, income up to Rs 12.75 lakh is now tax-free. However, this excludes capital gains, which continue to be taxed separately under short-term and long-term rates. 

New Income Tax Act: According to the government, about 78 per cent of taxpayers have already shifted to the new tax regime. Still, according to sources, the government is not in the mood to make any major changes to the old tax regime. 

In a marked departure from previous years, the Budget chose to stimulate consumption and savings rather than focus only on capex. However, it continued to stay focused on fiscal consolidation. 

Income Tax Slabs Union Budget 2025: Finance Minister Nirmala Sitharaman announced key changes to the income tax slabs under the new tax regime, which will impact your taxes for the FY 2025-26 The decision to switch to the new regime or remain in the old one depends on the deductions and exemptions you're eligible for under the old regime. While there is no tax on income up to Rs 12 lakh, does that mean someone earning Rs 15 lakh will only pay tax on Rs 3 lakh?  No, the rebate applies only to those earning up to Rs 12 lakh. With the ₹75,000 standard deduction in effect, individuals earning up to ₹12,75,000 will receive a full tax waiver. However, those exceeding this limit will be taxed under the new tax regime for 2025. If your taxable income is even a rupee more than Rs 12 lakh, you will be taxed according to the slab rates under the new tax regime. Previously, those earning up to Rs 12 lakh paid a tax of Rs 80,000 under the new tax regime.

Budget 2025: Notably, the scheme has no restrictions on family size, age, or gender, ensuring that all eligible individuals receive the care they need. 

Budget 2025: Finance Minister Nirmala Sitharaman announced the National Manufacturing Mission, which aims to support small, medium, and large industries under the "Make in India" initiative.

Budget 2025: Finance Minister Sitharaman proposed to reduce the capital expenditure target to Rs 10.18 lakh crore from Rs 11.11 lakh crore for this fiscal year.  

Budget 2025: Union Finance Minister Nirmala Sitharaman has presented the Union Budget for the fiscal year 2025-26 today, delivering her eighth consecutive budget speech and setting multiple records in India’s financial history.  

Union Finance Minister Nirmala Sitharaman presented her eighth consecutive budget on February 1, 2025, wearing an off-white Madhubani saree gifted by Padma Shri awardee Dulari Devi. Devi, from Bihar's fisherman community, overcame hardships to become an accomplished Madhubani artist. Her paintings, displayed in over 50 exhibitions, promote awareness on social issues. Sitharaman’s saree, featuring fish motifs, continues her tradition of highlighting India’s handloom heritage in budget presentations. (Pictures by PTI)

Budget 2025: FM Nirmala Sitharaman also announced the government's plan to set up a urea plant with a 12.7 lakh tonne capacity in Assam. Further, the finance minister announced the enhancement of investment and turnover limit.