The Union Budget 2025, which will be the second full budget of Modi 3.0, is expected to be presented by Finance Minister Nirmala Sitharaman in Parliament at 11 am on Saturday, February 1, 2025, marking her eighth consecutive presentation of a Union Budget
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Union Budget 2025
This also makes her the first Finance Minister to present eight union budgets in a row. The previous record was held by Morarji Desai who presented six consecutive budgets.
LTA, or Leave Travel Allowance, forms a crucial part of an employee’s salary, covering their domestic travel along with their families for a minimum period of 3 days. It does not cover international travel. Note that LTA can be claimed for any 2 years in a block of 4 calendar years.
New Delhi [India], January 29 (ANI): Information Technology (IT) and Electronics industry players, just ahead of the Union Budget 2025-26, have demanded incentives for Make in India initiatives, investments in semiconductor manufacturing, funding for artificial intelligence research and developments, tax relief for tech startups, infrastructure development, skill development programs, and support for digital infrastructure, among others.
The Union Budget 2020 introduced the New Tax Regime, an alternative to the existing system, aimed to simplify the tax structure. This regime offers lower tax rates against the removal of certain exemptions and deductions available in the old regime, such as the standard deduction and home rent allowance (HRA).
Hopes are high that FM Sitharaman will tinker with existing income tax slab rates to provide some financial relief to the middle-class and low-income groups. As per various reports, annual income of up to Rs 10 lakh may be made tax-exempt under the new tax regime.
Moin Ladha, Partner at Khaitan & Co said, “With the Union Budget 2025 fast approaching, the industry as a whole is hopeful for some interesting changes to the regulatory landscape, particularly changes to foreign investment policy, streamlined compliance, and key policy changes in certain sectors.
One such key change that the Budget 2025 may bring with it is the introduction of 100% foreign direct investment (FDI) in the insurance sector, raising it from its present 74%. This significant shift in policy may also allow foreign insurers to operate independently in India.
Vivek Baj, Partner at Economic Laws Practice said, “The upcoming Union Budget 2025 has built in a lot of anticipation.
Dr. PR Sodani, President of IIHMR University said, “Anticipating the Indian government’s financial blueprint, the expectations hinge on recalibrating priorities, and aligning with global standards to stimulate a robust health management education system