India: Union Budget 2025 - Notes

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These are the notes I made while watching Nirmala Sitharam's 8th Union Budget presentation.

NOTE: if you like reading a streamlined version of my notes compiled by GPT then got to the second half of this post


Starts with opposition stages walkout with huge shouts but anyway Tai starts off at 11:05 am

Aim is to achieve zero poverty


Agri (1st engine):

Centre(via a new scheme, atmanirbhar agri, PM Dhan Dhaniya Krishi Yojana?) to collaborate with 100(to start with) low productivity districts to enhance productivity - scheme to benefit 1.7Cr farmers

Comprehensive programs for fruits & vegetables 

Makhana Board to support Bihar farmers


MSMEs(2nd engine):

Increasing credit access to MSME sectors

New fund of funds for 10K Cos

Focus on making global hub for toys

Credit card for micro enterprises 

UPI linked credit card for street vendors

New schema for women SC/ST entrepreneurs 


Investments (3rd engine):

Broadband for govt schools

School books in regional languages

Expansion of capacity in IITs

AI education centres to be established 

Cancer centre in all district hospitals 

Gig works to get a new identity and healthcare/insurance under govt scheme to help 1Cr gig workers

Jal Jeevan mission extended to 2028

New Greenfield airport for bihar

Top 50 tourist destinations sites will be developed

Focus on destination related to life of Buddha

To introduce Medical tourism & heal in India tourism with easier visa norms

Geospatial mission: modernisation of land records, etc

50 yr interest free loans to states for apex


Exports(4th engine):

Bharat trade net: unified logistics platform for international trade

IT dept has been asked to trust first and scrutinise later

New IT bill to be announced next week

The fiscal deficit is on a declining part in comparison to gdp (4.8% of gdp)


Indirect taxes:

Tariffs removed on exports

36 Life saving drugs are fully exempt from custom duties

Custom duty cut for lithium ion batteries

Ethernet to become cheaper


Direct taxes:

Thirukural verse 542 ["வானோக்கி வாழுதல் ஆன்றவேல் ஆக்கம்..."]


Simpler income tax rules: Rationalisation of TDS/TCS, Ease of doing business


Senior citizens: TDS thresholds increased from 50K to 1L


TDS: Annual limit of TDS for Rent increased from 2.4L to 6L

TCS: removed for education loans taken from banks, higher TCS for non-PAN cases, 

Filing ITR increased from 2 years to 4 years

Charitable trust registration increased from 2 to 5 yrs

Relief for 2 self occupied homes


In new tax regime: (no changes in old regime)

No IT upto 12L (so much louder noise for this in the parliament) [12.75L no IT] as a rebate in the new tax regime

and the new tax slabs are:

0-4 - nil

4-8 - 5%

8-12 - 10%

12-15 - 15%

16-20 - 20%

> 24 - 30%

1L crores of income gone for the govt

Capital gains taxes are separate



    Here's the ChatGPT's streamlined version:

      Here's a streamlined version of your notes from Nirmala Sitharaman's 8th Union Budget presentation:

      Introduction

      • Budget presentation begins at 11:05 AM amidst opposition walkout.
      • Primary goal: Achieve zero poverty.

      Four Engines of Growth

      1. Agriculture (Agri)

      • Atmanirbhar Agriculture Scheme: Focus on 100 low-productivity districts to benefit 1.7 crore farmers.
      • Comprehensive programs for fruits and vegetables.
      • Makhana Board: To support farmers in Bihar.

      2. MSMEs

      • Increased credit access and new fund of funds for 10,000 companies.
      • Initiatives:
        • Toy manufacturing hub.
        • UPI-linked credit card for street vendors.
        • New scheme for women and SC/ST entrepreneurs.

      3. Investments

      • Education:
        • Broadband for government schools.
        • Regional language textbooks.
        • AI education centers.
      • Healthcare:
        • District hospitals to have cancer centers.
        • Insurance for 1 crore gig workers.
      • Infrastructure:
        • Jal Jeevan Mission extended to 2028.
        • New greenfield airport in Bihar.
        • Top 50 tourist destinations to be developed (focus on Buddhist sites, medical tourism).
      • Geospatial Mission: Modernization of land records.
      • State Financing: 50-year interest-free loans to states.

      4. Exports

      • Bharat Trade Net: Unified logistics for international trade.
      • IT Department: "Trust first, scrutinize later" policy.
      • New IT Bill to be introduced next week.

      Taxes

      Indirect Taxes

      • Tariff removal on exports.
      • Custom duty exemptions:
        • 36 life-saving drugs.
        • Lithium-ion batteries.

      Direct Taxes

      • Simpler Rules: Rationalization of TDS/TCS, ease of filing IT returns.
      • Senior Citizens:
        • TDS threshold raised from ₹50,000 to ₹1 lakh.
      • TDS & TCS Updates:
        • Rent threshold raised from ₹2.4 lakh to ₹6 lakh.
        • TCS exemptions for educational loans from banks.
      • ITR Filing: Period increased from 2 years to 4 years.
      • Rebates: No income tax up to ₹12 lakh (new tax regime).

      New Tax Slabs:

      • 0-₹4 lakh: Nil

      • ₹4-₹8 lakh: 5%

      • ₹8-₹12 lakh: 10%

      • ₹12-₹15 lakh: 15%

      • ₹16-₹20 lakh: 20%

      • > ₹24 lakh: 30%

      • Separate capital gains taxes.

      Highlights

      • Fiscal deficit declining (4.8% of GDP).
      • Encouragement for medical and "Heal in India" tourism.

      This format ensures clarity, organizes the details into thematic sections, and retains all critical information. Let me know if you want further tweaks!

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