Finance Minister Nirmala Sitharaman made a historic announcement stating that there will be no income tax on earnings up to ₹12 lakhs in the upcoming Union Budget for 2025. This decision represents a significant relief for the middle class and indicates a substantial policy change.

Important points from the Union Budget 2025 include

No Tax for the Middle Class:
Earnings of up to ₹12 lakhs will not be subject to income tax.
The threshold for Tax Deducted at Source (TDS) has been increased to ₹10 lakhs.
The deadline for submitting Income Tax Returns (ITR) has been prolonged.

Streamlining of Tariffs:
The government plans to reduce the number of tariff rates from 15 to just 8.
Additionally, the Social Welfare Surcharge will be eliminated.

Cancer Treatment and Health Initiatives:
Import duties on 36 essential cancer medications will be lifted to enhance affordability.
The customs duties on 6 critical life-saving drugs will be cut to 5%.
Cancer treatment facilities will be established in government hospitals nationwide.

Reduction in Prices for Electronics:
Prices are anticipated to drop for LED and LCD screens.
Lithium-ion batteries, vital for electric vehicles and mobile devices, will become less expensive.

Support for Entrepreneurs:
The government will provide loans of ₹2 crore to women and entrepreneurs from Scheduled Castes (SC) and Scheduled Tribes (ST) who are starting their businesses for the first time.
A new National Institute of Food Technology, Entrepreneurship & Management will be created in Bihar to promote area development.

Key Announcements for Bihar:
Bihar will benefit from the development of Greenfield airports to address future transportation requirements.
There will also be an expansion of the Patna Airport’s capacity, along with the inclusion of the Mithilanchal region’s Western Canal Project.

Focus Areas for Development:
The government intends to foster growth through inclusive development, enhance private sector investment, and increase the purchasing power of the emerging middle class in India.
An additional fund of ₹10,000 crore has been designated for startups to stimulate innovation and entrepreneurship.
These announcements in the 2025 Union Budget aim to encourage balanced growth, support burgeoning sectors like startups, and offer relief to the general populace.