Union Budget 2025-26

Here’s a quick snapshot of the key announcements, with a special focus on tax reforms: 

 Tax Reforms

1.  No Income Tax for income up to *₹12 lakh*under the new regime. 
2.  Two Self-Occupied Properties can now be valued at Nil for tax purposes (up from one). 
3.  TDS Threshold on Rent raised to ₹6 lakh (from ₹2.4 lakh). 
4.  TCS on Education Loans up to ₹10 lakh removed for loans from specified financial institutions. 
5.  Time Limit for Updated Returns extended from 2 years to 4 years. 
6.  New Income Tax Bill to be introduced next week, focusing on simplification and ease of compliance. 
7.  TDS/TCS Rationalisation: Reduced number of rates and adjusted thresholds to benefit the middle class. 
8.  Faceless Assessment and Taxpayer Charter to continue, with 99% of returns processed based on self-assessment. 

  Healthcare & Education  

1.  10,000 additional medical seats in 2025-26; 75,000 seats targeted in 5 years. 
2.  200 new cancer centers to be established. 
3.  50,000 Atal Tinkering Labs in govt schools; broadband for all secondary schools. 

 Infrastructure & Economy

1.  Fiscal deficit target: 4.8% (FY25), 4.4% (FY26). 
2.  ₹1 lakh crore Urban Challenge Fund for city growth hubs. 
3.  Modified UDAN scheme to connect 120 new destinations. 
4.  100GW nuclear energy target by 2047. 

 Agriculture & Rural Development

1.  Kisan Credit Card limit increased to ₹5 lakh. 
2.  6-year ‘Atmanirbharta Mission’ for self-reliance in pulses. 
3.  Makhana Board to be set up in Bihar for value addition. 

   MSMEs & Startups

1.  Credit guarantee cover for MSMEs raised to ₹10 crore. 
2.  Deeptech Fund of Funds to boost tech innovation. 
3.  FDI in insurance hiked to 100%.  

 Women & Youth Empowerment

1.  New scheme for SC/ST women offering 5-year term loans. 
2.  5 National Centres of Excellence for Skilling to equip youth. 
3.  Saksham Anganwadi & Poshan 2.0 to benefit 8 crore children & 1 crore mothers.  

 Tourism & Culture

1.  Homestays to get Mudra loans; medical tourism to be promoted. 
2.  Top 50 tourist destinations to be developed with states. 

 Green Energy & Sustainability

1.  Incentives for renewable energy projects. 
2.  Mission for solar PV cells, electrolysers, and grid-scale batteries. 

This budget focuses on growth, inclusivity, and sustainability, paving the way for a #ViksitBharat!