In historic move, Finance Minister Sitharaman announces major income tax cuts and rebate for middle class in Budget 2025

Finance Minister Nirmala Sitharaman presented the Union Budget 2025 in Parliament on Saturday. This was her eighth consecutive Budget presentation. (Express Photo by Praveen Khanna)

In a big bonanza to all tax-payers, FM Sitharaman announced that no income tax will be due for individuals with an annual income of up to Rs 12 lakh, among other changes in the tax slab. (Express Photo by Praveen Khanna)

A live broadcast of Finance Minister Nirmala Sitharaman presenting the Union Budget for FY 2025-26 on Saturday is seen, outside BSE in Mumbai (Express photo by Sankhadeep Banerjee)

Those with higher incomes will have savings of up to Rs 1.1 lakh due to rate rationalization under the new tax regime (NTR). (Express Photo by Partha Paul)

Sitharaman also announced key projects, including the National Nuclear Energy Mission and the National Geospatial Mission, along with funding schemes for startups in the country. (PTI Photo)

The central government will establish a new Centre of Excellence for AI in education with an outlay of Rs 500 crore. In the Union Budget 2023-24, Sitharaman had already announced three Centres of Excellence in AI for agriculture, health, and sustainable cities. (PTI Photo)

The government will support domestic manufacturing capacity, with sectors identified based on objective criteria. There is a huge opportunity for Industry 4.0, which requires high skills and talent, according to Sitharaman. (PTI Photo)

The government will set up five National Centres of Excellence for Skilling to equip youth with industry-relevant expertise. Partnerships will cover curriculum design, training of trainers, skills certification frameworks, and periodic reviews. (PTI Photo)

The Small Industries Development Bank of India (SIDBI) Fund of Funds for Startups (FFS) will be expanded with an additional Rs 10,000 crore corpus. (PTI Photo)

The finance minister has raised the limit of income tax rebate from Rs 7 lakh to Rs 12 lakh which essentially means that if an individual has an income of up to Rs 12 lakh, she will have zero tax liability. (PTI Photo)

Presenting the 14th consecutive Budget under the Narendra Modi government since 2014, Sitharaman also proposed the exemption of TCS (tax collected at source) for remittances for education purposes in cases where education loan is taken from specified financial institutions. (PTI)

Reacting to Union Budget 2025, Samajwadi Party chief Akhilesh Yadav said the government should come clean on the death toll at the Maha Kumbha Mela. He added that the government must have spent a lot of money to arrange the Maha Kumbh Mela. Budget is in its own place but the details of the deceased are important, Yadav said. (PTI Photo)

Taking to X, Congress leader Rahul Gandhi said, “A band-aid for bullet wounds! Amid global uncertainty, solving our economic crisis demanded a paradigm shift. But this government is bankrupt of ideas.” (PTI Photo)