Union Budget 2025: New Income Tax Bill To Be Introduced Next Week, Says Nirmala Sitharaman

NEW DELHI: Union Finance Minister Nirmala Sitharaman has made a landmark announcement that the new income tax bill will be introduced to simplify the calculation and filing of income tax returns. It will be introduced next week as part of the Union Budget 2025.

The new tax structure, introduced by Finance Minister Nirmala Sitharaman, provides no taxes on income up to Rs 12 lakh, which will significantly ease the tax burden on the middle class and enable it to retain more of its earnings. Moreover, salaried individuals will have no tax liability on income up to Rs 12.75 lakh due to a standard deduction of Rs 75,000.

Sitharaman said in her budget speech that the SWAMIH 2 Investment Fund has already completed more than 50,000 dwelling units in stressed housing projects. Home buyers have been handed over the keys. And 40,000 units will also be ready by 2025 for which the government has allocated Rs 15,000 crore.

In addition to this, the Finance Minister announced the removal of seven tariff rates that have been continued from previous budgetary adjustments, so that only eight tariff rates would remain. She also stated that the fiscal deficit in FY25 is estimated at 4.8% and for FY26 at 4.4%.

Also Read: Union Budget 2025: No Income Tax Payable Up To Rs 12 Lakh, Says Finance Minister Nirmala Sitharaman

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