Finance Minister Nirmala Sitharaman has presented the Union Budget for the fiscal year 2025-26, introducing several key initiatives:
Taxation Reforms:
TDS Thresholds: The annual limit for Tax Deducted at Source (TDS) on rent payments has been increased from ₹2.4 lakh to ₹6 lakh, benefiting small taxpayers receiving modest rental incomes.
Senior Citizens: The limit for tax deduction on interest for senior citizens has been doubled from ₹50,000 to ₹1 lakh, providing additional relief to senior citizens.
Energy and Infrastructure:
Nuclear Energy Expansion: India plans to develop 100 gigawatts of nuclear power capacity by 2047, with proposed amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act to facilitate private sector participation.
Economic Projections:
Growth Forecast: The Economic Survey projects India's economy to grow between 6.3% and 6.8% in the fiscal year 2025-26, driven by stable macroeconomic conditions and a rebound in agricultural production.
These measures aim to enhance economic growth, provide tax relief to various segments of the population, and strengthen India's energy infrastructure.
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