Income tax Budget 2025 Live: Will FM tweak tax slabs for middle class?
Source: Live Mint
Income tax Budget 2025 LIVE: Finance Minister Nirmala Sitharaman will present Budget 2025 at 11 am on February 1. Will the focus be on potential changes to income tax slabs, exemptions, and deductions? What are the expectations of the middle class? Will they get any relief from Union Budget 2025 announcements? Will the government introduce new tax reforms or adjust existing policies to ease financial burdens? During her presentation of Modi Govt’s 3.0 first full-fledged budget in July 2025, she introduced a marginal income tax relief for the middle class by raising the standard deduction by 50% to ₹75,000 and tweaking tax slabs for those opting for the new income tax regime. Stay tuned for live updates as FM Sitharaman presents her eighth Union Budget 2025. Follow our live coverage for all the details.
How to access Budget 2024 documents:
After the speech, you can view Budget 2025 through the Union Budget Mobile App, available on Android and iOS platforms. The Budget speech documents will also be accessible on the web portal at www.indiabudget.gov.in.
Income Tax Budget 2025 LIVE: Deductions allowed in the new tax regime
1)Standard deduction: A standard deduction of ₹75,000 from salary is given
2)NPS: One can also claim a deduction under section 80CCCD (2) for the employer’s contribution to employee NPS accounts.
Income Tax Budget 2025 LIVE: Deductions/exemptions under the old tax regime
1)Standard deduction: Deduction of ₹50,000 is allowed
2)House Rent Allowance
3)Section 80C: These include exemption towards investment made in Equity Linked Saving Schemes (ELSS), PPF (public provident fund), payments made towards life insurance premiums, principal sum of a home loan, etc. The total limit of these deductions is capped at ₹1.5 lakh in a financial year.
4)Section 80D: Deduction towards health insurance premium, and the maximum limit is ₹25,000.
5)Section 80DD: The maximum deduction amount allowed is ₹75,000 for the medical treatment, training, and rehabilitation of a dependent with a disability.
6)Section80 CCD (1): This deduction is allowed for the investment made towards your NPS account
7)Section 80G: This deduction is allowed for giving donations given to charity.
Income Tax Budget 2025 LIVE: When and where to watch FM Nirmala Sitharaman’s budget Speech?
At 11 AM, FM Nirmala Sitharaman will begin her remarks. Live broadcasts of the Union Budget 2025 presentation will be available on Doordarshan, Sansad TV, the official channels of Parliament, the official YouTube channels of the government, and X handles. The budget speech will be live-streamed and covered by Livemint.
Income Tax Budget 2025 LIVE: Economic Survey 2024-25 Projects India’s GDP Growth at 6.3-6.8% in FY26
The Economic Survey 2024-25 paints a picture of India’s growth trajectory that shows a slowing down after the pandemic-induced rebound. With projections of 6.3-6.8% GDP growth in FY26, this is a notable dip compared to the strong 8.2% growth in FY24. While the economy is still expanding, the lower growth estimate signals challenges ahead, especially in reaching the desired near 8% annual growth rate required to fulfill India’s vision of becoming a “Viksit Bharat” (developed country) by 2047.
Income Tax Budget 2025 LIVE: What middle class wants from FM Sitharaman
Income Tax Budget 2025 LIVE: Union Finance Minister Nirmala Sitharaman has tabled the Economic Survey in the Lok Sabha. She will present the Union Budget for FY 2025-26 today, February 1, 2025, at 11 a.m. The Indian middle class and taxpayers hope that it will include significant income tax breaks and reliefs.
