Union Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman presented the union budget on Saturday. During this, the Finance Minister made many shocking announcements. This budget is said to be a happy middle class. An annual income of Rs 12 lakh has been made tax free in the budget. Along with this, the loan limit of credit cards given to farmers has also been increased. Let us know 10 big things of today’s budget, which will directly benefit the public.
The Finance Minister announced another round of ‘Fund of Funds’ scheme for startups with a fund of Rs 10,000 crore to promote the growth of emerging entrepreneurs. This announcement is important because the government is focusing on promoting innovation through startups. The government has so far recognized more than 1.5 lakh startups by the Department of Industries and Internal Trade Promotion (DPIIT). Finance Minister Nirmala Sitharaman has announced changes in the Income Tax Slab with tax exemption in the new tax system on Saturday. While presenting the budget of FY 2025-26, he announced to completely tax the annual income of up to Rs 12 lakh. This will save 80 thousand rupees. Union Finance Minister Nirmala Sitharaman has announced to extend the deadline for filing the Income Tax Return (ITR) for any assessment year. The proposal to extend the time limit for filing ITR from the current two years to four years has been kept in the budget of FY 2025-26. During the budget, Finance Minister Nirmala Sitharaman announced that the government will build additional infrastructure in five Indian technology institutes (IITs). IITs in Patna, the capital of Bihar, will be expanded. The capacity of hostel and other infrastructure will also be expanded in IIT Patna. Finance Minister Nirmala Sitharaman has announced a new ‘Swamy’ fund of Rs 15,000 crore to complete one lakh units in housing projects in the budget. The objective of this scheme is to provide relief to the home buyers whose investment is stuck. The government has extended the handicraft export deadline from six months to one year. The time limit of three months has been extended for this. In this, weight blue leather is fully released from basic custom duty. Along with the common people and small businessmen, the government has also given great news to the farmers. During the budget, Finance Minister Nirmala Sitharaman has increased the limit of interest assistance scheme for Kisan Credit Card from Rs 3 lakh to Rs 5 lakh. With this, farmers will get more loans from the bank to sow their crops. In the budget, the government informed that for the development of infrastructure, states will be provided Rs 1.5 lakh crore for 50 years interest-free loan. Presenting the Union Budget 2025-26 in the Lok Sabha, Sitharaman said that after the success of the first assetal maneuver scheme announced in 2021, the second scheme will be launched for the period of 2025-30. While presenting the budget, the Finance Minister has announced to reduce custom duty on smart phones and mobile phones. Its biggest impact will be on the cost of mobile phones and smart TVs manufactured in India. The decrease in custom duty will also lead to a decline in mobile phones and smart TV prices. The government has made a big announcement about the field of MSME. The Finance Minister said that investment and turnover limit for classification of all MSMEs will be increased to 2.5 and 2 times respectively for the classification of all MSMEs to help achieve better access to high efficiency, technical upgrade and capital in MSME. This will lead them to move forward and create a large number of employment for the youth.
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