Budget Overview
– Total Receipts (excluding borrowings): INR34.96 lakh crore
– Total Expenditure: INR50.65 lakh crore
– Net Tax Receipts: INR28.37 lakh crore
– Fiscal Deficit: Estimated at 4.4% of GDP
– Capital Expenditure: INR11.21 lakh crore (3.1% of GDP)
Taxation Reforms
– Personal Income Tax:
– No income tax for individuals earning up to INR12 lakh annually under the new tax regime.
– For salaried taxpayers, the exemption limit is INR12.75 lakh, considering a standard deduction of
INR75,000.
– Revised tax slabs for income above INR12 lakh:
– INR12-16 lakh: 15%
– INR16-20 lakh: 20%
– INR20-24 lakh: 25%
– Above INR24 lakh: 30%
– Tax Deduction at Source (TDS) and Tax Collected at Source (TCS) Rationalization:
– The limit for TDS on interest for senior citizens increased from INR50,000 to INR1 lakh.
– The annual TDS limit on rent payments raised from INR2.4 lakh to INR6 lakh.
Agriculture and Rural Development
– Prime Minister Dhan-Dhaanya Krishi Yojana to enhance agricultural productivity and farmer
welfare.
– Kisan Credit Card (KCC) Enhancement: Short-term loan limit increased to INR5 lakh.
– Pulses Production Mission: Six-year initiative focusing on self-reliance in pulses.
– Makhana Board: Establishment in Bihar to promote Makhana cultivation and processing.
Science, Technology, and Innovation
– Research and Development Allocation: INR20,000 crore allocated to private sector-driven R&D.
– PM Research Fellowship: 10,000 fellowships for technological research in IITs and IISc.
– Gene Bank for Crop Germplasm: Establishment of a second gene bank with 10 lakh germplasm
lines.
Export Promotion and Manufacturing
– Exemptions granted for electronics, LED/LCD TVs, lithium-ion batteries for mobile phones & EVs.
– 10-year exemption on goods used for shipbuilding and ship-breaking activities.
– Leather Industry: Wet blue leather fully exempted from basic customs duties.
Infrastructure and Capital Expenditure
– Capital Expenditure: INR11.21 lakh crore (3.1% of GDP) allocated for infrastructure development.
Fiscal Responsibility
– Fiscal Deficit Target: Set at 4.4% of GDP, reflecting the government’s commitment to fiscal
prudence.
This budget focuses on inclusive growth, tax simplification, agricultural development, technological
innovation, and infrastructure enhancement to drive economic progress.
