1. No Income Tax up to Income of Rs 12 Lakhs,
New Slab Rates for all
FM Nirmala Sitharaman
Taxpayers benefiting Middle-Class
2. FM proposes to introduce the New Income Tax
Bill next week
3. The New Bill be Half of the present Income Tax
law in terms of chapters and words
4. TDS on Senior Citizen Rs 1 lakhs plus on
interest TDS on Rent Rs 6 Lakhs onwards
5. 90 Lakhs filed updated returns Now you can
file Income Tax Returns for past 4 years in ITR U
6. The focus is on inclusive development and
boosting middle-class spending.
7. Budget aims to accelerate growth and unlock
the nation’s potential.
8. Budget will initiate reforms in primarily 6
domains — taxation, urban development, mining, financial sector, power and
regulatory reforms.
9. Plant with annual capacity of 12.7 lakh
metric tons to be set up at Namrup, Assam
10. 3 dormant urea plants in the Eastern region
had been reopened
11. Investment limit for #MSME classification
to be made 2.5 times. Turnover limits for MSME classification to be doubled
12. Government to provide support to National
Cooperatives Development Corporation for its lending operations for cooperative
sector
13. Kisan Credit Card: Facilitates loans for
7.07 crore farmers. Loan limit will be increased from Rs3 lakh to Rs5 lakh
under KCC
14. Boosts Footwear, Leather & Toys
Industry!
15. New scheme for footwear & leather
sector to create 22 lakh jobs, ₹4L Cr revenue & ₹1.1L Cr+ exports.
16. Toys sector to get a dedicated scheme to
make India a global manufacturing hub!
17.
Announces 5-year mission to promote cotton production
18. 5 national centres will be set up for
skilling in partnerships in manufacturing. Expansion of capacity in IITs - 100%
increase in last 10 years. Additional infra will be created for 6500 more
students in new IITs.
19. New Fund of Funds for Startups to be set up
20. Fresh contribution of another ₹ 10,000
crore, in addition to existing government contribution of Rs. 10,000 crore.
21. New Scheme for 5 lakh Women, Scheduled
Castes and Scheduled Tribes first-time entrepreneurs
22. Centre of excellence in #AI for education
to be set up with outlay of Rs. 500
23. To add 75000 medical seats in next 5 years
24. The government will establish a national
institute of food technology, entrepreneurship and management in Bihar.
25. Centre will launch a 6-year programme for
Atamnirbharta in pulses
26. Credit guarantee cover to be enhanced for
MSMEs and start-ups
27. 75 thousand seats will increase in IIT
28. Cancer hospital will open in every district
Broadband facility will be available in primary schools
29. The government will create a ₹1 lakh crore
Urban Challenge Fund aimed at transforming cities into growth hubs. The fund
will finance 25% of the cost of bankable projects, with an allocation of
₹10,000 crore for 2025-26.The remaining 50% will be funded through bonds, bank
loans, and public-private partnerships (PPPs).
30. FM announces Dhan Dhanya Krishi Yojna in
partnership with states. Scheme to cover 100 Districts. Says 1.7 crore farmers
will be benefited.
31. A new scheme has been launched to offer
term loans with a five-year tenure, benefiting 5 lakh women from SC/ST
communities.
32. The Finance Minister announced a dedicated
scheme for India’s footwear and leather sector, expected to generate employment
for 22 lakh individuals, achieve a revenue of ₹4 lakh crore, and boost exports
to over ₹1.1 lakh crore.
33. For the toys sector, the government will
implement a scheme to make India a global manufacturing hub.
34. Saksham Anganwadi and Poshan 2.0 programs
will provide vital nutritional support to 8 crore children, 1 crore mothers,
and 20 lakh adolescent girls, focusing on lactating women, adolescent girls,
and children.
35. 50.000 Atal Tinkering Laboratories (ATLs)
will be set up in government schools in the next 5 years to foster scientific
temper in young minds. Broadband connectivity is to be provided to all
secondary schools.
36. Five National Centres ofExcellence for
Skilling will be established to equip the youth with the necessary skills for
global opportunities. The Finance Minister also promised global skilling
partnerships to enable India to become a key player in global manufacturing.
37. The PM Swanidhi Scheme will be revamped
with higher loan limits and the introduction of a ₹30,000 UPI-linked credit
card. The government will also facilitate identity card issuance and
registration on the e-Shram portal for gig workers, providing insurance
coverage for nearly 1 crore workers.
38. 3-year pipeline of projects by states to be
given that can be implemented in private-public partnership (PPP) mode. Each
infrastructure-related ministry is to come up with a 3-year plan to be
implemented in PPP mode. The outlay of ₹1.5 lakh crore is proposed for 50-year
interest-free loans.
39. Extend Jal Jeevan mission with an enhanced
outlay, focus on quality infrastructure and O&M. 15 crore households have
been provided portable tap water access under Jal Jeevan Mission
40. 100GW nuclear enegery by 2047 is essential
for energy transition
41. The modified UDAN scheme will be launched
to connect 120 new destinations and cater to 4 crore passengers over the next
10 years.
42. India’s cities are set for transformation!
The ₹1L Cr Urban Challenge Fund will fuel creative redevelopment, enhance water
& sanitation infra, and turn cities into growth hubs. With ₹10K Cr
allocated for FY 2025-26, the future of urban India looks ambitious!
43. hrust on investment in infrastructure
continues with focus on PPP projects and asset monetization among others
44. Each infrastructure-related ministry to
come up with a 3-year pipeline of PPP infra projects
45. Financial assistance will be provided for
Western Kosi Canal Project in Mithilanchal region of Bihar
46. Focus Product Scheme for Footwear &
Leather Sectors is expected to facilitate employment for 22 lakh persons,
turnover of ₹4 lakh crore and exports of over ₹ 1.1 lakh crore
47. Scheme to Make India a Global Toys Hub; To
create high-quality toys representing the Made In India brand
48. Mudra loans to be provided to homestays,
says FM.
49. Medical tourism and ‘heal in India’ to be
promoted in partnership with private sector. Top 50 tourism destination sites
will be developed in partnership with states
50. Extension of Jal Jivan Mission till 2028,
It started in 2019. 100% household receive clean water through tap.
51. The government will offer a national
guidance framework to help states promote Global Capability Centres (GCCs) and
enhance their growth.
52. Centralized KYC system soon
53. Jan Vishwas 2.0 bill to decriminalise over
100 provisions in existing laws.
54. Banks will be required to maintain a
Grameen credit score for self-help groups to facilitate better financial access
and support.
55. Govt to draft model bilateral investment
treaty to attract foreign investment
56. Insurance FDI hiked from 74% to 100%
57. The revised estimate of the total receipts
other than borrowings is Rs 31.47 lakh crore of which the net tax receipts are
Rs 25.57 lakh crore.
58. Scheme to cover 100 districts with low
productivity, moderate crop intensity and below-average credit parameters
59. 10,000 fellowships to be provided under the
PM Research Fellowship scheme in next five years, for technological research in
IITs and IISc
60. Investing in Research, Development and
Innovation ₹ 20,000 crore for private-sector driven Research, Development and
Innovation initiative announced in the July Budget
61. National Geospatial Mission to be launched
to develop foundational geospatial infrastructure and data
62. India ranks second largest globally in fish
production and aquaculture. Seafood exports are valued at 60,000 Crore Rupees.
To unlock the untapped potential of the marine sector, the government will
bring in an enabling framework for sustainable harnessing of fisheries from the
Indian exclusive economic zone and high seas with a special focus on the
Andaman and Nicobar and Lakshadweep Islands.
63. FastTrack Merger for companies
64. Propose removal of 7 tariff rates over an
above those in removed in earlier budget. Only 8 tariff rates to remain after
the new move.
65. Fiscal Deficit at 4.4% of GDP
66. Propose removal of 7 tariff rates over an
above those in removed in earlier budget. Only 8 tariff rates to remain after
the new move.
67. The threshold limit for TCS on LRS
remittances has been increased from ₹7 lakh to ₹10 lakh.
68. The TDS threshold limit on rent has been
raised to ₹6 lakh.
69. It is proposed to remove TCS on education
loans up to ₹10 lakh from specified financial institutions.
70. The new income tax bill will retain nearly
half of the existing provisions and introduce personal income tax reforms with
a focus on the middle class. It will also rationalize the tax deducted at
source (TDS) and tax collected at source (TCS) regime by reducing the number of
rates and adjusting thresholds.
71. TCS on sales removed
72. A scheme to be introduced for determining
arm's length price of international transactions for a block period of three
years, to streamline transfer pricing and to provide an alternative to yearly
examination
73. Tax exemption to be provided on withdrawals
made from National Savings Scheme by individuals on or after 29th August 2024
74. Compliance burden for small charitable
trusts & institutions to be reduced, by increasing their registration
period from 5 years to 10 years
75. Taxpayers to be allowed to claim the annual
value of two self-occupied properties as nil without any condition
