Latest news with #UnionBudget2025-26
India Gazette
4 days ago
- Business
- India Gazette
Middle-class Indians found themselves at heart of nation's progress in these 11 years: Centre
New Delhi [India], June 5 (ANI): The Modi government at the Centre, just days away from turning 11, said people's hopes, needs and aspirations have not just been heard, but also acted upon with purpose, as it highlighted several initiatives taken up by the government. In a report released by the Press Information Bureau Research Unit on Thursday, the government said that, from tax relief leaving more money in people's hands to pension schemes that promise security in old age, the last eleven years have seen a steady and sincere effort to make life easier, fairer, and more dignified for Indians. 'The government has cut through red tape, simplified rules and made everyday systems work better. Be it filing taxes, buying a home, commuting to work or affording medicines, things have become simpler and more accessible. These are not scattered changes but a pattern of reforms that speak to the real concerns of ordinary citizens. What stands out is the consistency,' the report's preamble read. Over the past eleven years, the government said it has gone beyond token measures to make a real difference in the lives of the middle class. From lowering income tax rates to simplifying returns, every move, it said, has been aligned with the core idea of letting citizens keep more of what they earn. 'The approach has been clear. Listen to citizens, simplify the system and deliver on promises,' the report card said. The most recent tax reforms, especially those in the Union Budget 2025-26, are a clear sign that the Government has placed its trust in the middle class as a pillar of national growth. It said the effort has been constant and focused, whether raising the income threshold for zero tax, introducing a simplified tax regime, or making return filing easier than ever. A major change was announced in the Union Budget 2025-26: individuals earning up to Rs 12 lakh annually will now pay no income tax, except on special incomes like capital gains. With the standard deduction of Rs 75,000, even those earning Rs 12.75 lakh will pay no tax. These enhanced tax exemptions led to the government giving up nearly Rs 1 lakh crore in revenue. The government has once again lauded itself for making income tax return filings simple. According to the government, the simplification in ITR filing is reflected in the rise of individual ITR filings, which increased from 3.91 crore in 2013-14 to 9.19 crore in 2024-25, a 135 per cent rise. On the inflation management front, the government boasted that the price rise remained under control under the current administration. 'Things began to change from 2014. Over the next eleven years, inflation came under firm control. From 2015-16 to 2024-25, the average rate fell to just 5 per cent. The difference is visible not only in the numbers but in daily life. Stable prices gave families breathing room,' the report read. The report touched upon reform-oriented initiatives such as Unified Pension Scheme, Smart Cities Mission, Pradhan Mantri Awas Yojana (Urban), expansion in metro network, UDAN scheme, Ayushman Bharat, Jan Aushadhi scheme, Pradhan Mantri Kaushal Vikas Yojana, among others. (ANI)
Hans India
29-05-2025
- Business
- Hans India
India's real GDP growth projected at 6.5 pc in FY 2025-26: RBI
New Delhi: The real GDP growth for India in FY 2025-26 is projected at 6.5 per cent, with risks evenly balanced, the Reserve Bank of India (RBI) said on Thursday. The Indian economy is poised to remain the fastest-growing major economy this fiscal (FY26) by leveraging its sound macroeconomic fundamentals, robust financial sector and commitment towards sustainable growth, said the RBI in its '2024-2025 annual report'. This growth will come despite global financial market volatility, geopolitical tensions, trade fragmentation, supply chain disruptions and climate-induced uncertainties which pose downside risks to the growth outlook and upside risks to the inflation outlook. The outlook for the Indian economy remains promising in 2025-26, supported by revival in consumption demand, the government's continued thrust on capex while adhering to the path of fiscal consolidation, healthy balance sheets of banks and corporates, easing financial conditions, continuing resilience of the services sector and strengthening of consumer and business optimism, besides sound macroeconomic fundamentals. 'The prospects for agriculture sector appear favourable in 2025-26 on the back of expected above normal south-west monsoon and several productivity-enhancing government policies. In the Union Budget 2025-26, various new initiatives have been announced for boosting agriculture sector,' said the RBI report. Manufacturing sector is expected to gain further traction in 2025-26 supported by improvement in domestic demand, higher capacity utilisation, healthy balance sheets of corporates and banks, and consumer and business optimism. The government's focus on widening the manufacturing base and the policy support through the ongoing PLI scheme and National Manufacturing Mission announced in the Union Budget 2025-26 is expected to further strengthen 'Make in India' initiative, according to the RBI annual report. The optimism about manufacturing and services sectors is also reflected in the forward-looking surveys conducted by the Reserve Bank. In FY 2024-2025, the Indian economy exhibited resilience, supported by strong macroeconomic fundamentals and proactive policy measures, amidst protracted geopolitical tensions and geoeconomic fragmentation. 'Amid multiple global headwinds, the Indian financial markets demonstrated resilience and orderly movements. The central government sustained its fiscal consolidation efforts, supported by buoyant tax revenues and prudent expenditure management. On the external front, merchandise trade deficit was offset by robust services exports and steady remittance inflows, keeping the CAD at a sustainable level,' said the RBI report.
NDTV
29-05-2025
- Business
- NDTV
India's Real GDP Growth Projected At 6.5% In FY 2025-26: RBI
New Delhi: The real GDP growth for India in FY 2025-26 is projected at 6.5 per cent, with risks evenly balanced, the Reserve Bank of India (RBI) said on Thursday. The Indian economy is poised to remain the fastest-growing major economy this fiscal (FY26) by leveraging its sound macroeconomic fundamentals, robust financial sector and commitment towards sustainable growth, said the RBI in its '2024-2025 annual report'. This growth will come despite global financial market volatility, geopolitical tensions, trade fragmentation, supply chain disruptions and climate-induced uncertainties which pose downside risks to the growth outlook and upside risks to the inflation outlook. The outlook for the Indian economy remains promising in 2025-26, supported by revival in consumption demand, the government's continued thrust on capex while adhering to the path of fiscal consolidation, healthy balance sheets of banks and corporates, easing financial conditions, continuing resilience of the services sector and strengthening of consumer and business optimism, besides sound macroeconomic fundamentals. 'The prospects for agriculture sector appear favourable in 2025-26 on the back of expected above normal south-west monsoon and several productivity-enhancing government policies. In the Union Budget 2025-26, various new initiatives have been announced for boosting agriculture sector,' said the RBI report. Manufacturing sector is expected to gain further traction in 2025-26 supported by improvement in domestic demand, higher capacity utilisation, healthy balance sheets of corporates and banks, and consumer and business optimism. The government's focus on widening the manufacturing base and the policy support through the ongoing PLI scheme and National Manufacturing Mission announced in the Union Budget 2025-26 is expected to further strengthen 'Make in India' initiative, according to the RBI annual report. The optimism about manufacturing and services sectors is also reflected in the forward-looking surveys conducted by the Reserve Bank. In FY 2024-2025, the Indian economy exhibited resilience, supported by strong macroeconomic fundamentals and proactive policy measures, amidst protracted geopolitical tensions and geoeconomic fragmentation. 'Amid multiple global headwinds, the Indian financial markets demonstrated resilience and orderly movements. The central government sustained its fiscal consolidation efforts, supported by buoyant tax revenues and prudent expenditure management. On the external front, merchandise trade deficit was offset by robust services exports and steady remittance inflows, keeping the CAD at a sustainable level,' said the RBI report.
News18
28-04-2025
- Business
- News18
Will You Get Higher Salary This Month Due To Rs 12 Lakh Tax Rebate, New Slabs? Know Your Take-Home
Thanks to the Union Budget 2025-26, income up to Rs 12 lakh annually has now been made tax-free through a special rebate under the new tax regime. If you are a salaried employee, get ready for a pleasant surprise in this month's salary! Thanks to the Union Budget 2025-26, income up to Rs 12 lakh annually has now been made tax-free through a special rebate under the new tax regime. Additionally, the government has revised the new income tax regime slabs for FY26, reducing the overall tax burden across different salary levels. This means your monthly in-hand salary will rise starting this month itself, April 2025 (the first month of the financial year 2025-26), because lower TDS will be deducted from your salary this month. Let's break down how much extra you will get depending on your annual income: Income Slab Tax Rate Rs 0-4 lakh Nil Rs 4-8 lakh 5% Rs 8-12 lakh 10% Rs 12-16 lakh 15% Rs 16-20 lakh 20% Rs 20-24 lakh 25% Above Rs 24 lakh 30% Along with the slab revision, the government has introduced a full tax rebate under Section 87A for individuals earning up to Rs 12 lakh, ensuring they don't pay any income tax for FY 2025-26. How Much Extra Salary Will You Get Each Month? For example, if your salary package is Rs 12 lakh annually, your salary could now increase by nearly Rs 6,650 per month, compared to earlier, due to the tax relief. Similarly, for a person earning Rs 16 lakh annually, the monthly salary would increase by around Rs 4,150. Those earning Rs 18 lakh annually will save Rs 70,000 yearly, translating into Rs 5,830 more per month in hand. 'A tax payer in the new regime with an income of Rs 12 lakh will get a benefit of Rs 80,000 in tax (which is 100 per cent of tax payable as per existing rates). A person having income of Rs 18 lakh will get a benefit of Rs 70,000 in tax (30% of tax payable as per existing rates). A person with an income of Rs 25 lakh gets a benefit of Rs 1,10,000 (25% of his tax payable as per existing rates)," Finance Minister Nirmala Sitharaman said during her Budget Speech 2025-26 on February 1, 2025. Marginal Relief for Salaries 'Just Above Rs 12 Lakh' Though the income is tax-free up to Rs 12 lakh, there is a marginal relief for those earning marginally higher than this threshold. However, if your income slightly exceeds Rs 12.75 lakh after adjusting standard deduction of Rs 75,000 (say Rs 12.85 lakh or Rs 13.25 lakh), you will still benefit from a marginal relief so that your additional tax does not wipe away your extra income. – Income of Rs 12.85 lakh → Only Rs 10,000 tax payable – Income of Rs 13.25 lakh → Only Rs 50,000 tax payable – Income of Rs 13.45 lakh → Only Rs 70,000 tax payable Overall, the government expects to forgo approximately ₹1 lakh crore in direct tax revenue due to these changes. Importantly, these are rough estimates; for accurate tax savings, you can approach your financial planners.
Yahoo
19-02-2025
- Business
- Yahoo
Indian economy to get boost from budget tax relief, rate cut, central bank report says
MUMBAI (Reuters) - The Indian economy is likely to get a boost from rural demand picking up and a government-announced tax relief that is expected to support urban consumption, the central bank said in its monthly bulletin on Wednesday. Urban demand is "poised for a recovery," the Reserve Bank of India (RBI) said. A decline in inflation as well as a boost to disposable incomes from the "sizeable" income tax relief announced in the Union Budget 2025-26 will help urban consumption, it said. "Strong rural demand is expected to receive a further fillip from the robust performance of the agriculture sector," it added. The Indian economy is seen expanding at the slowest pace in four years in 2024-25, after GDP growth fell to 5.4% in the July-September 2024 quarter from 6.7% in the previous quarter. The central bank's internal models, based on high-frequency data, suggest growth improving to 6.6% in the January-March quarter this year. "Domestic demand is also expected to benefit from the repo rate cut by the Monetary Policy Committee," the report added. The central bank has forecast growth at 6.7% in 2025-26, at the higher end of the government's forecast of 6.3-6.8%. The RBI expects inflation to ease to 4.2% in the next financial year, but flagged continuing risk to prices. "While core inflation remains muted, uncertainty in global financial markets, volatility in energy prices and adverse weather events present upside risks to the inflation trajectory," it said in the bulletin. Commenting on global risks, the central bank said a strong dollar and trade policy pivots "could exacerbate capital outflows from emerging economies, push risk premiums higher, and intensify external vulnerabilities." Sign in to access your portfolio
