In major relief for middle class, Nirmala Sitharaman announced that no income tax would be payable up to income of Rs 12 lakh. Rs 0-4 lakh — Nil
Rs 4-8 lakh — 5%
Rs 8-12 lakh — 10%
Rs 16-20 lakh — 20%
Rs 20-24 lakh — 25%
Above Rs 24 lakh — 30%
Union Finance Minister Nirmala Sitharaman, in a major Budget announcement, said that the annual limit for TDS on rent has been raised from Rs 2.40 lakh to Rs 6 lakh, benefiting small taxpayers receiving smaller payments.
On health she further said, 36 life-saving drugs and medicines fully exempted from basic custom duty, only a concessional rate to be imposed on 6 life saving drugs. This will provide relief to patients, particularly those suffering from cancer, rare diseases, and other severe chronic diseases
Finance Minister Nirmala Sitharaman said: “My tax proposals are driven by the goal of enhancing ease of doing business, encouraging voluntary compliance, and reducing the overall compliance burden. These proposals aim to reform personal income tax, particularly benefiting the middle class, streamline TDS and TCS to address challenges, and promote employment and investment growth.”
Budget sets time limit of 2 years, extendable by a year, for finalising provisional assessment under Customs Act, announced FM Nirmala Sitharaman. The government will provide Rs 20,000 crore for promoting innovation in partnership with the private sector, Finance Minister Nirmala Sitharaman said on Saturday.
She also said the government will launch export promotion mission with specified target for easy credit access. Sitharaman further said the Centre will set up a national framework for promoting global capability centres in emerging Tier-II cities.
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