Budget 2025 Unveiled – Major Tax Reliefs, Business Boosts & Sectoral Reforms!

The Voice of Chandigarh News:

The much-anticipated Budget 2025 has been announced, bringing significant changes in personal taxation, business incentives, education, healthcare, and regional development. Here’s a breakdown of the key takeaways:

Personal Income Tax Reforms – More Savings for Taxpayers!

• Section 87A rebate extended to Rs. 60,000, making income up to Rs. 12 lakh tax-free for individuals and Rs. 12.75 lakh for salaried employees.
• Capital gains from shares and mutual funds not covered under the rebate.
• TCS on LRS remittances raised to Rs. 10 lakh from Rs. 7 lakh.
• No TCS on education-related remittances made from loans.
• Senior citizens benefit: TDS limit on interest income raised to ₹1 lakh.
• A new tax bill to be introduced within a week.

Boost to Business – A Big Leap for Startups & Foreign Investments!

• 100% FDI in insurance sector with investment conditions.
• Tax benefits for startups extended till April 1, 2030.
• ₹10,000 crore Fund of Funds for startups.
• Presumptive taxation introduced for non-residents providing services to select Indian companies.
• TDS on rent increased from Rs. 2.40 lakh to Rs. 6 lakh.
• Decriminalization of several laws to enhance ease of doing business.

Education & Healthcare – Major Expansions on the Horizon!

• IITs set for a boost: Capacity to be doubled in 23 IITs with additional infrastructure in 5 IITs, including IIT Patna.
• Medical education push: 10,000 new MBBS seats in 2025, with a plan for 75,000 more over five years.
• Healthcare revamp:
  • Daycare cancer centers to be established in all district hospitals within three years.
  • Medical tourism initiative (“Heal in India”) with easier visa norms.
  • Cancer and critical illness medicines exempted from Basic Excise Duty.

Gig Workers & Social Security – A Game-Changer for Delivery Partners!

• Social security scheme for gig workers (Zomato, Swiggy, etc.).
• ID cards and mandatory registration on the e-Shram portal.
• Free healthcare for gig workers.

Chandigarh Gets a Big Push – Infrastructure, Jobs & Growth!

• Rs. 2.73 billion allocated for development projects.
• New government housing and a state-of-the-art Police Training Centre.
• Increased job opportunities and business growth in Chandigarh.
• Major benefits for IT, education, and tourism sectors.

With sweeping reforms, Budget 2025 aims to enhance financial relief, encourage investments, and drive economic progress. Stay tuned for more updates!