Union Budget 2025 Live Updates: No Tax on Income Up to Rs 12 Lakh, Announces Nirmala Sitharaman

Union Budget 2025: Key Highlights & Live Updates

Finance Minister Nirmala Sitharaman has unveiled her eighth consecutive Union Budget, introducing measures to support the middle class amid high inflation and stagnant wages, while maintaining fiscal prudence.

According to the Economic Survey tabled on Friday, India’s GDP growth for 2025-26 is projected at 6.3-6.8%. The country aims to boost economic expansion through structural reforms and deregulation, while investment activity is expected to gain momentum.

Ahead of the Budget presentation, President Droupadi Murmu addressed a joint session of Parliament, emphasizing the government's commitment to lifting the economy out of "policy paralysis" despite global uncertainties stemming from the COVID-19 aftermath and geopolitical tensions.

During this Budget Session, 16 bills, including the Finance Bill 2025, proposed amendments to the Waqf and Banking Regulations Act, and the merger of the Indian Railways and Indian Railways Board Acts, will be introduced.

What Happens After the Budget Presentation?

On Budget Day, discussions on its provisions do not take place immediately. The Budget approval process involves:

Voting on Demand for Grants: Reviewing expenditure allocations for different ministries.

Passing of the Appropriation Bill: Authorizing government expenditure from the Consolidated Fund of India.

Passing of the Finance Bill: Implementing tax proposals and other financial policies.

Can the Union Budget Be Amended?

Yes, the Union Budget can undergo modifications, but these must follow parliamentary protocols. The Finance Bill, which outlines tax policies and fiscal measures, is debated and voted on in Parliament. Any proposed changes must be approved before they take effect.

Similarly, the Appropriation Bill, which allocates government expenditure, can also be amended, subject to parliamentary approval.

Union Ministers React to Budget 2025-26

Kiren Rijiju (Union Parliamentary Affairs Minister): "Despite global challenges, India’s economy continues to grow, showcasing resilience and progress."

Gajendra Singh Shekhawat (Union Minister): "This budget is a crucial step toward the vision of ‘Viksit Bharat’, ensuring continuity and prioritizing national welfare."

Pralhad Joshi (Union Minister): "Under PM Narendra Modi’s leadership, we have consistently presented budgets that benefit the people, especially the poor and middle class. This year’s budget follows the same principle."

Revised Tax Slabs for FY25-26 vs. FY24-25

New Tax Slabs for FY25-26

Up to Rs 4 lakh: Nil

Rs 4-8 lakh: 5%

Rs 8-12 lakh: 10%

Rs 12-16 lakh: 15%

Rs 16-20 lakh: 20%

Rs 20-25 lakh: 24%

Above Rs 25 lakh: 30%

Previous Tax Slabs for FY24-25

Up to Rs 3 lakh: Nil

Rs 3-7 lakh: 5%

Rs 7-10 lakh: 10%

Rs 10-12 lakh: 15%

Rs 12-15 lakh: 20%

Above Rs 15 lakh: 30%