New Delhi | Finance Minister Nirmala Sitharaman on Friday proposed to double the limit for TDS on interest income for senior citizens to Rs 1 lakh, and also increase the threshold to Rs 6 lakh on rent from the current Rs 2.4 lakh.
In her Budget speech in the Lok Sabha, the minister proposed to rationalise Tax Deduction at Source (TDS) by reducing the number of rates and thresholds above which TDS is deducted.
Further, threshold amounts for tax deduction will be increased for better clarity and uniformity, she added.
"The limit for tax deduction on interest for senior citizens is being doubled from the present Rs 50,000 to Rs 1 lakh," she said.
For others, the limit for TDS has been increased to Rs 50,000 from the current Rs 40,000.
Similarly, the annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh. This will reduce the number of transactions liable to TDS, thus benefitting small taxpayers receiving small payments.
Sitharaman also announced that the threshold to collect tax at source (TCS) on remittances under RBI's Liberalized Remittance Scheme (LRS) is proposed to be increased from Rs 7 lakh to Rs 10 lakh.
"I also propose to remove TCS on remittances for education purposes, where such remittance is out of a loan taken from a specified financial institution," Sitharaman said.
Currently, both TDS and TCS are being applied on any transaction relating to the sale of goods.
To prevent such compliance difficulties, Sitharaman proposed to omit the TCS.
TDS is applicable to deductions from payments made for goods and services, while TCS is the tax that sellers collect from buyers at the time of sale.
New Delhi | The ambitious phase three of the e-Courts project, which seeks to establish digital, online and paperless lower courts in the country, has been allocated Rs 1,500 crore in the Union Budget.
The funds for the project have been allocated under the National Mission for Justice Delivery and Legal Reforms.
As part of the National e-Governance Plan, the e-Courts project is under implementation since 2007 for ICT enablement of the Indian judiciary. The second phase of the project concluded in 2023.
The third phase of the e-Courts project, beginning 2023, is aimed at ushering in a regime of maximum ease of justice by moving towards digital, online and paperless courts through digitisation of the entire court records, including legacy records.
It will put in place intelligent smart systems, enabling data-based decision-making for judges and registries while scheduling or prioritising cases.
The main objective of the third phase is to create a unified technology platform for the judiciary that will provide a seamless and paperless interface between the courts, litigants and other stakeholders.
Citizens who do not have access to technology can access the judicial services from e-Sewa kendras, thus bridging the digital divide, the government said.
Digitisation of court records also enables processes to become more environment-friendly by minimising paper-based filings and reducing the physical movement of documents.
Besides, virtual participation in the court proceedings can reduce the costs associated with these proceedings, such as travel expenses for witnesses, judges and other stakeholders, while court fees, fines and penalties can be paid from anywhere, anytime.
New Delhi | In a significant policy shift aimed at boosting agri-productivity and rural prosperity, Finance Minister Nirmala Sitharaman on Saturday announced six new agricultural schemes while increasing the subsidised Kisan Credit Card loan limit to Rs 5 lakh from the existing Rs 3 lakh, benefiting 7.7 crore farmers, fishermen, and dairy farmers.
The announcements came even as the government proposed a 2.75 per cent lower Budget allocation for the agriculture ministry at Rs 1.37 lakh crore for the next fiscal. However, this reduction was offset by enhanced allocations for allied sectors, with fisheries, animal husbandry and dairying seeing a 37 per cent increase to Rs 7,544 crore, and food processing receiving a 56 per cent boost to Rs 4,364 crore.
The total Budget allocation for agriculture, allied sectors, and food processing is pegged at Rs 1.45 lakh crore for 2025-26, expected to surpass the current year's revised estimate of Rs 1.47 lakh crore once allocations for new schemes are detailed.
Presenting her eighth budget speech, Sitharaman positioned agriculture as "the first engine of growth" and introduced Pradhan Mantri Dhan-Dhaanya Krishi Yojana targeting 100 low-productivity agri-districts.
The scheme, implemented with state governments, aims to benefit 1.7 crore farmers through enhanced productivity, crop diversification, and improved post-harvest infrastructure.
In a major push for self-reliance, a six-year pulses mission received Rs 1,000 crore to boost tur, urad, and masoor production. Under this initiative, Nafed and NCCF will procure pulses for four years from registered farmers through formal agreements.
The Budget allocated Rs 500 crore each for a comprehensive horticulture programme on vegetables/fruits and a five-year cotton mission promoting extra-long staple varieties.
A dedicated Makhana Board for Bihar with Rs 100 crore outlay and a research ecosystem mission focusing on climate-resilient seeds received equal allocations.
Recognising India's position as the second-largest global producer in fish and aquaculture, with seafood exports worth Rs 60,000 crore, the government announced a sustainable fishing framework for the Indian Exclusive Economic Zone, particularly focusing on the Andaman & Nicobar and Lakshadweep Islands.
To enhance India's competitiveness in the global seafood market, the government proposed cut in basic custom duty (BCD) from 30 per cent to 5 per cent on Frozen Fish Paste (Surimi) for manufacture and export of its analogue products. It also proposed cut in BCD from 15 per cent to 5 per cent on fish hydrolysate for manufacture of fish and shrimp feeds.
The cooperation ministry saw a 58.21 per cent increase to Rs 1,186.29 crore.
Key schemes received significant boosts: Rashtriya Krishi Vikas Yojana (41.66 per cent to Rs 8,500 crore), National Mission for Natural Farming (six-fold to Rs 616.01 crore), Krishionnati Yojana (12.58 per cent to Rs 8,000 crore), and Namo Drone Didi (two-fold to Rs 676.85 crore) for FY26.
The Pradhan Mantri Matsya Sampada Yojana allocation increased by 64.33 per cent to Rs 2,465 crore, while animal husbandry and dairying programs saw a two-fold increase to Rs 1,050 crore. The PM-FME scheme for micro food processing enterprises received a 67 per cent higher allocation at Rs 2,000 crore.
Agriculture Minister Shivraj Singh Chouhan lauded the budget as "visionary," stating it had "the fragrance of faith, the yearning for development and the yearning to build a developed India." He emphasised that agriculture and farmers' welfare received top priority in the government's vision for a self-reliant India.
The government also announced plans for a new urea plant in Namrup, Assam, with an annual capacity of 12.7 lakh tonnes, and enhanced support to the National Cooperative Development Corporation (NCDC) for cooperative sector lending operations.
New Delhi | The government on Saturday projected a dividend income of Rs 2.56 lakh crore from the Reserve Bank and public sector financial institutions in FY2025-25, as per the Budget documents.
In the current financial year, receipts from dividend/surplus of RBI, nationalised banks and financial institutions are estimated at Rs 2.34 lakh crore, about Rs 1,410 crore higher than the previous estimates.
The documents stated that the total central government's receipts from 'dividends from public sector enterprises and other investments' would be Rs 3.25 lakh crore, up from Rs 2.89 lakh crore.
In her Budget speech, Finance Minister Nirmala Sitharaman said the total receipts other than borrowings and the total expenditure are estimated at Rs 34.96 lakh crore and Rs 50.65 lakh crore, respectively.
The net tax receipts are estimated at Rs 28.37 lakh crore.
The Centre's fiscal deficit is estimated at 4.4 per cent of GDP during the next financial year.
To finance the fiscal deficit, the net market borrowings from dated securities are estimated at Rs 11.54 lakh crore during 2024-25. The balance financing is expected to come from small savings and other sources.
The gross market borrowings are estimated at Rs 14.82 lakh crore.
Sitharaman also announced that the government's endeavour will be to keep the fiscal deficit each year such that the Central government debt remains on a declining path as a percentage of the GDP.
New Delhi | The government on Saturday announced setting up of an Export Promotion Mission with an outlay of Rs 2,250 crore to promote the country's outbound shipments.
The mission will be driven jointly by the ministries of commerce, MSME, and finance.
It will facilitate easy access to export credit, cross-border factoring support, and support to MSMEs to tackle non-tariff measures in overseas markets, Finance Minister Nirmala Sitharaman said.
"We will set up an Export Promotion Mission, with sectoral and ministerial targets, driven jointly by the Ministries of Commerce, MSME, and Finance," she said.
She also said a digital public infrastructure, 'BharatTradeNet' (BTN) for international trade will be set up as a unified platform for trade documentation and financing solutions.
"This will complement the Unified Logistics Interface Platform. The BTN will be aligned with international practices," she said.
It will be new Digital Public Infrastructure to be a part of the India Stack, which currently include products such as UPI, Aadhaar, ONDC, and DigiLocker.
According to the ministry, it will be designed to digitise, streamline, and modernise India's international trade ecosystem.
It aims to eliminate paper-based processes, improve trade finance access, and enhance regulatory compliance by integrating key stakeholders such as Customs, DGFT, GSTN, banks, and exporters into a unified digital platform.
To boost MSME exports, the Budget also announced revision of MSME classification criteria.
The ministry said exporter MSMEs can avail of increased credit benefits from Rs 5 crore to Rs 10 crore, generating additional credit of Rs 1.5 lakh crore in the next five years.
"Well-run exporter MSMEs will receive increased term loans from Rs 10 crore to Rs 20 crore," it said, adding that the announcement of credit cards for micro enterprises will benefit e-commerce exporters.
Further to promote exports from the marine sector, the government announced reduction in customs duty on frozen fish paste (Surimi) from 30 per cent to 5 per cent to support export manufacturing.
The duty on fish hydrolysate has been reduced to 5 per cent from 1 per cent to strengthen aquaculture exports.
New Delhi | Individuals having an annual income of Rs 24 lakh or more can hope to save of Rs 1.10 lakh in income tax, while those earning Rs 12 lakh will have to pay no tax, benefiting to the tune of Rs 80,000 from next fiscal under the new regime.
Finance Minister Nirmala Sitharaman in her Budget exempted, from income tax, persons earning up to Rs 12 lakh per annum and rejigged the tax slabs under the new tax regime.
As per government calculations, people with income of Rs 13 lakh a year will save Rs 25,000 on tax liability.
Similarly, persons having annual income of Rs 14 lakh will save Rs 30,000, Rs 15 lakh (Rs 35,000), Rs 16 lakh (Rs 50,000), Rs 17 lakh (Rs 60,000).
In case of income of Rs 18 lakh the savings would be Rs 70,000, Rs 19 lakh (Rs 80,000), Rs 20 lakh (Rs 90,000).
Those earning Rs 21 lakh will stand to save Rs 95,000 in their tax liability, Rs 22 lakh (Rs 1 lakh), Rs 23 lakh (Rs 1.05 lakh crore).
For those earning over Rs 24 lakh, can look forward to a tax benefit of Rs 1.10 lakh.
Sitharaman, in her 2025-26 Budget proposed new tax slabs under which people earning up to Rs 12 lakh will pay Nil tax. For salaried class, this limit could go up to Rs 12.75 lakh per annum after taking into account standard deduction of Rs 75,000.
For those with income of more than Rs 12 lakh and filing ITR under new tax regime, Budget has revised the tax slabs for computing tax liability on income earned in 2025-26 fiscal. Under the new slab, income up to Rs 4 lakh will be exempt. A 5 per cent tax will be levied for income earned between Rs 4 and 8 lakh, 10 per cent for Rs 8-12 lakh, 15 per cent for Rs 12-16 lakh.
A 20 per cent income tax will be levied on income between Rs 16 and 20 lakh, 25 per cent on Rs 20-24 lakh and 30 per cent above Rs 24 lakh per annum.
New Delhi | If budgetary proposals are anything to go by, the decadal census is unlikely to be carried out in 2025 as well with a meagre Rs 574.80 crore allocated for the exercise in the Budget presented on Saturday.
A meeting of the Union Cabinet on December 24, 2019 had approved the proposal for conducting census of India 2021 at a cost of Rs 8,754.23 crore and updating the National Population Register (NPR) at Rs 3,941.35 crore.
The house listing phase of the census and the exercise to update the NPR were scheduled to be carried out across the country from April 1 to September 30, 2020 but were postponed due to the COVID-19 outbreak.
The census operation continues to be on hold and the government has not yet announced the new schedule.
The Budget 2025-26, presented by Finance Minister Nirmala Sitharaman on Saturday, allocated Rs 574.80 crore for Census, Surveys and Statistics/Registrar General of India (RGI), a significant reduction from the Budget 2021-22 when Rs 3,768 crore was allocated, and an indication the decadal exercise may not be carried out even after this significant delay.
The allocation under the head was Rs 572 crore in 2024-25.
According to officials, the entire census and NPR exercise is likely to cost the government more than Rs 12,000 crore.
This exercise, whenever it happens, will be the first digital census giving the citizens an opportunity to self-enumerate.
The NPR has been made compulsory for citizens who want to exercise the right to fill the census form on their own rather than through government enumerators. For this, the census authority has designed a self-enumeration portal which is yet to be launched.
During self-enumeration, Aadhaar or mobile number will be mandatorily collected.
The Office of the Registrar General and Census Commissioner had prepared around three dozen questions to be asked to the citizens.
Those questions include whether a family has telephone, internet connection, mobile or smartphone, bicycle, scooter or motorcycle or moped and whether they own a car, jeep or a van.
The citizens will also be asked questions such as the cereal they consume in the household, main source of drinking water, main source of lighting, access to latrine, type of latrine, waste water outlet, availability of bathing facility, availability of kitchen and LPG/PNG connection, main fuel used for cooking and availability of radio, transistor and television.
The citizens will also be asked about the predominant material of floor, wall and roof of the census house, condition of the census house, total number of persons normally residing in the household, whether the head of the household is a woman, whether the head of the household belongs to Scheduled Caste or Scheduled Tribe, number of dwelling rooms exclusively in possession of the household and the number of married couple or couples living in the household among others.
New Delhi | Union Finance Minister Nirmala Sitharaman on Saturday said the top 50 tourist destinations in the country will be developed in partnership with states in a "challenge mode", as she emphasised tourism as a driver of employment-led growth and unveiled a series of initiatives aimed at bolstering infrastructure, skill development and ease of travel.
The Ministry of Tourism has been earmarked a significant increase in its Budget allocation for the 2025-2026 fiscal, with a focus on enhancing tourism infrastructure, promoting domestic and international travel, and ensuring the safety of tourists, particularly women.
The total Budget allocation for the ministry for 2025-2026 stands at Rs 2,541.06 crore, marking a substantial increase from the revised estimate of Rs 850.36 crores in 2024-2025.
Presenting her eighth straight Union Budget, Sitharaman said the government will promote homestays by extending Mudra loans, and improve connectivity to tourist spots to enhance accessibility.
"The state governments will be responsible for providing land to build essential infrastructure. To further boost tourism, hotels in the key destinations will be included in the harmonised infrastructure list, ensuring better access to financing and development support," she said.
Outlining the broader roadmap, Sitharaman said, "We will facilitate employment-led growth by organising intensive skill development programmes for our youth, including institutes of hospitality management." States that demonstrate effective destination management -- including maintaining tourist amenities, cleanliness, and marketing efforts -- will receive performance-linked incentives, the finance minister said.
The government will also introduce streamlined e-visa facilities and visa fee waivers for select tourist groups to attract international visitors, she said.
Reaffirming the focus on spiritual and heritage tourism set in the Budget last July, Sitharaman highlighted the special initiatives for sites associated with Gautama Buddha's life.
Medical tourism, under the 'Heal in India' initiative, will also receive a boost through public-private partnerships (PPPs), capacity building, and relaxed visa norms.
A major portion of the Budget for the tourism ministry has been allocated to tourism infrastructure development, with Rs 1,900 crores earmarked for the Integrated Development of Tourism Circuits under the Swadesh Darshan scheme.
This initiative focuses on creating theme-based tourist circuits across the country, emphasising high-value, competitive, and sustainable tourism.
Additionally, the Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD) scheme, aimed at developing pilgrimage and heritage sites, also received substantial funding to enrich spiritual and cultural tourism experiences.
The Centre has prioritised promotion and publicity, allocating funds for both domestic and international campaigns. Efforts will be made to promote India's diverse tourist destinations, with a special focus on the Northeast region and Jammu and Kashmir.
Internationally, the tourism ministry plans to position India as a premier tourist destination through targeted marketing campaigns in key markets such as Spain, China, and France.
The establishment of representative offices in the new markets is also part of the strategy to attract more international tourists.
To address the growing demand for skilled manpower in the tourism sector, the ministry has been allocated Rs 60 crore for training and skill development programmes.
Initiatives like the "Hunar Se Rozgar Tak" programme aim to train youth, particularly from underprivileged backgrounds, to meet the sector's needs.
The ministry is also focusing on certifying the skills of service providers and promoting entrepreneurship in the tourism industry.
In a significant move to ensure the safety of women tourists, the ministry has introduced the Safe Tourist Destination for Women scheme, funded by the Nirbhaya Fund.
This initiative aims to create a secure and women-friendly environment at tourist destinations, allowing women to travel without fear of crime or harassment.
The scheme reflects the government's commitment to making tourism more inclusive and safe for all, as per the ministry.
The Budget also includes investments in public enterprises such as the India Tourism Development Corporation (ITDC) and Kumarakom Frontier Hotels Pvt Ltd, with allocations of Rs 70.42 crore and Rs 10 crore, respectively.
These investments are expected to boost tourism infrastructure and services, particularly in the key tourist destinations.
Additionally, the Northeastern region continues to be a priority, with an allocation of Rs 240 crore for 2025-2026 to support the development of tourism infrastructure and promote the region as a prime tourist destination.
New Delhi | The Union Health Ministry has been allocated Rs 99,858.56 crore in the Budget 2025-2026, an around 11 per cent hike over the Rs 89,974.12 crore in the budget (revised estimates) of 2024-2025 with the government announcing setting up daycare cancer centres at all district hospitals over the next three years.
Two hundred of these daycare cancer centres would be established in the 2025-26 fiscal itself.
Presenting the Budget for 2025-2026 on Saturday, Finance Minister Nirmala Sitharaman said 10,000 seats will be added in medical colleges next year towards the goal of adding 75,000 seats in the next five years.
As a relief on the import of drugs/medicines, 36 lifesaving drugs for treating cancer, rare diseases and chronic diseases have been fully exempted from basic customs duty (BCD). The government had earlier cut customs duty on Trastuzumab Deruxtecan, Osimertinib and Durvalumab from 10 per cent to zero.
Further, 37 medicines along with 13 new drugs and medicines under Patient Assistance Programmes have been exempted from BCD, if supplied free to patients.
The finance minister further announced that gig workers will be provided healthcare facilities under PM Jan Aarogya Yojana (PM-JAY) that would benefit nearly 1 crore such workers.
Medical tourism and 'Heal in India' will be promoted in partnership with the private sector along with capacity building and easier visa norms, Sitharaman said in her speech.
The budgetary allocation for the AYUSH ministry has been increased from Rs 3,497.64 crore to Rs 3,992.90 crore, recording a 14.15 per cent increase.
Of the Rs 99,858.56 crore allocated for the Ministry of Health and Family Welfare, Rs 95,957.87 crore have been earmarked for the Department of Health and Family Welfare and Rs 3,900.69 crore to the Department of Health Research.
Among the centrally sponsored schemes, the allocation for the National Health Mission has been increased from Rs 36,000.00 crore in 2024-25 to Rs 37,226.92 crore in 2025-26. Moreover, the allocation for Ayushman Bharat Pradhan Mantri Jan Arogya Yojna (AB PM-JAY) has been hiked from Rs 7,605.54 crore to Rs 9,406.00 crore.
For the National Tele Mental Health Programme, the budgetary allocation has been increased from Rs 45 crore to Rs 79.60 crore while the National Digital Health Mission has been earmarked Rs 340.11 crore from Rs 225 crore in the 2024-25 fiscal.
The budgetary allocation for autonomous bodies increased from Rs 18978.72 crore in 2024-25 to Rs 20,046.07 crore in 2025-26. The allocation for AIIMS, New Delhi, has been increased from Rs 5,000 crore to Rs 5,200 crore while ICMR has been earmarked Rs 3125.50 crore as against Rs 2,869.99 crore in the 2024-25 fiscal.
New Delhi | The central government has increased the budget for the Union Tribal Ministry by over 45 per cent compared to the last year, allocating more funds to bridge infrastructure gaps in tribal-dominated areas across the country.
For 2025-26, the ministry has been allocated Rs 14,925.81 crore, up from Rs 10,237.33 crore in 2024-25.
Eklavya Model Residential Schools, which provide quality education to tribal students, will receive Rs 7,088.60 crore, up from Rs 4,748 crore last year.
The budget for the Pradhan Mantri Janjatiya Vikas Mission, which ensures year-round income-generating opportunities for tribals, has been increased from Rs 152 crore to Rs 380 crore.
The government has allocated Rs 335.97 crore for the Pradhan Mantri Adi Adarsh Gram Yojana (PMAAGY), compared to Rs 127.51 crore last year.
Under PMAAGY, funds are provided to states and union territories with Scheduled Tribe (ST) populations to improve education, healthcare, agriculture, skill development and employment opportunities.
The budget for the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN) has been doubled from Rs 150 crore to Rs 300 crore.
This scheme focuses on improving the socio-economic conditions of particularly vulnerable tribal groups by ensuring access to safe housing, clean drinking water, sanitation, education, healthcare, nutrition, roads and telecom connectivity.
The allocation for Dharti Aaba Janjatiya Gram Utkarsh Abhiyan (DAJGUA) has been quadrupled, increasing from Rs 500 crore to Rs 2,000 crore.
This programme aims to fill infrastructure gaps in 63,843 villages, improve access to healthcare, education and Anganwadi facilities, and create livelihood opportunities.
It is expected to benefit over 5 crore tribals across 549 districts and 2,911 blocks in 30 states and union territories within five years.
New Delhi | The government expects non-tax revenue collection from the telecom sector to be about Rs 82,443 crore for FY26, almost 33 per cent lower than the current fiscal.
It has also marginally tweaked the FY25 realisations for 'other communications services', pegging the revised estimates a tad higher at Rs 1.23 lakh crore, as against the originally expected 1.20 lakh crore.
According to the Budget documents, the estimates for FY26 have been set at Rs 82,442.84 crore, which is 33 per cent lower than FY25.
