Economy and Finance

The existing Income Tax Act has 23 chapters containing 536 sections and 16 schedules. The new Bill with 298 sections and 14 schedules will be more concise the existing act. Once passed in the Parliament, the Bill will come into effect from April 1, 2026

India's merchandise trade deficit is expected to have narrowed to USD 20.88 billion in January 2025, down from USD 21.94 billion in December 2024, according to a report by Union Bank of India.

When asked how much persuasion did it take to get the PM on board regarding the cut in income tax, Sitharaman said that it was the bureaucrats who needed to be convinced

Budget 2025 adds a further flair to the flourishing route towards an aspirational India’s striding march to Viksit Bharat 2047.   

Under the tax structure announced in the budget, marginal relief will be calculated by deducting the amount exceeding ₹12,00,000 from the tax calculated on the entire taxable income

While now there is no tax on income up to ₹12 lakh, in 2014 it was in the highest tax bracket, which started at ₹10 lakh with a tax rate of 30%.

For the layperson, the highlight of the Union Budget has always remained on what all have become cheaper and which of them has got costlier to buy.

One may ask if there is no income tax up to ₹12 lakh, why there are tax slabs for 4-8 lakh and 8-12 lakh, the reason is I-T is calculated in slabs

Union Finance Minister Nirmala Sitharaman and Minister of State for Finance Pankaj Chaudhary met President Droupadi Murmu at the Rashtrapati Bhavan ahead of Union Budget.

With a focus on deregulation, infrastructure investment, and job creation, the 2024-25 Economic Survey outlines key strategies to navigate global uncertainties and fuel domestic growth.