New Delhi, Feb 1: In a big boost to the Indian middle class, Finance Minister Nirmala Sitharaman on Saturday announced that there will be no income tax payable for incomes up to Rs 12 lakh, and Rs 12.75 lakh for salaried taxpayers (including standard deduction).

In the new tax regime, the revised tax rate structure is Rs 0-4 lakh (zero tax), Rs 4-8 lakh (5 per cent), Rs 8-12 lakh (10 per cent), Rs 12-16 lakh (15 per cent), Rs 16-20 lakh (20 per cent), Rs 20-24 lakh (25 per cent), and above Rs 24 lakh (30 per cent).

“The new tax structure would substantially reduce tax for the middle class,” announced FM Sitharaman.

Presenting the Union Budget 2025-26, FM Sitharaman said that the tax deduction at source (TDS) rates will be rationalised and the limit for tax deduction for senior citizens will be doubled to Rs 1 lakh.

FM Sitharaman also proposed to extend the time limit to file the updated return from two years to four years.

The threshold to collect TDS on remittances under the Liberalised Remittance Scheme (LRS) would be increased to Rs 10 lakh from Rs 7 lakh and an annual limit of Rs 2.4 lakh for TDS on rent has been raised to Rs 6 lakh.

Delay for payment of TCS up to the due date would be decriminalised, according to the Finance Minister, adding that TCS on remittances, if a loan was taken for education, has been waived.

The Union Budget also proposes to exempt withdrawals from National Savings Scheme (NSS) accounts on or after August 2024 from tax.

The Budget Session of Parliament, which commenced on Friday, will be conducted in two phases – the first started on January 31 and will conclude on February 13, while the second phase will begin on March 10 and end on April 4.

New Delhi, Feb 1: Union Finance Minister Nirmala Sitharaman on Saturday announced 10,000 additional seats in medical colleges as well as daycare cancer centres in all district hospitals.

Presenting her eighth consecutive budget and the NDA government’s second full Union Budget of its third term, the Finance Minister said that India has seen remarkable growth in medical education in the last 10 years.

“10,000 additional seats to be added in medical colleges next year and 75,000 seats to be added in next five years,” she said.

“All district hospitals to have daycare cancer centres. About 200 daycare cancer centres will be established in 2025-26,” the FM said.

Further, “broadband connectivity to primary health centres will help in expanding telemedicine consultation for rural patients at village level”, she added.

In the last 10 years, medical colleges in the country have doubled to 780 in 2024-25 from just 387 in 2013-14 — a 102 per cent growth.

During the same period, the seats for MBBS also rose from 51,348 to 1,18,137 — a 130 per cent surge.

In the last budget, the government made custom duty exemptions and a reduction in GST rates on three anti-cancer medications.

The three anti-cancer drugs were Trastuzumab, Osimertinib and Durvalumab.

The government also slashed the GST rate from 12 per cent to 5 per cent on these three cancer medicines.

Cancer cases are rising significantly in India. According to a Lancet study, India registered about 12 lakh new cancer cases and 9.3 lakh deaths in 2019 — the second-highest contributor to the disease burden in Asia.

The number climbed to 13.9 lakh in 2020, which further soared to 14.2 lakh and 14.6 lakh in the years 2021 and 2022, respectively, the study showed.

New Delhi, Feb 1: Finance Minister Nirmala Sitharaman on Saturday announced a National Manufacturing Mission to further boost the ‘Make In India’ initiative across industries, as the country becomes a bright spot on the global manufacturing map.

Presenting the Union Budget 2025-26, the Finance Minister said that the National Manufacturing Mission would support clean tech, and build an ecosystem for solar cells, EV batteries, and high voltage transmission equipment manufacturing at the local level.

The credit guarantee cover is to be enhanced for MSMEs to Rs 10 crore from Rs 5 crore and investment and turnover limit for classification of all MSMEs will be enhanced to 2.5 and 2 times, respectively.

The government will also introduce customised credit cards with a Rs 5 lakh limit for registered MSMEs.

The Finance Minister also announced Centres of Excellence in artificial intelligence (AI) for education, to be set up with a total outlay of Rs 500 crore.

The Union Budget focuses on 10 broad areas, including supporting MSMEs and promoting exports, agricultural growth and rural prosperity, manufacturing and financial inclusion, inclusive growth and development and a special focus on the poor, youth, farmers, and women.

“A scheme for socio-economic upliftment of urban workers to be set up. Social Security Scheme for the welfare of online platform workers would also be set up,” said FM Sitharaman.

The government will also launch a focused product scheme for the footwear and leather sector, creating 22 lakh new jobs while generating significant exports.

The Budget Session of Parliament, which commenced on Friday, will be conducted in two phases – the first started on January 31 and will conclude on February 13, while the second phase will begin on March 10 and end on April 4.