Kochi: Union Finance Minister Nirmala Sitharaman announced IT relief for income upto Rs 12 lakh while presenting the Union Budget for 2025-26 on Saturday.
Annual limit for TDS on rent has been raised from ₹2.40 lakh to ₹6 lakh.
Sitharaman said the government will provide identity cards and registration for Gig workers, who are independent contractors, online platform workers, contract firm workers, on-call workers, and temporary workers.
This will help to enhance social security and streamline benefits for the growing freelance sector.
The government will focus on cluster development, skill-building, and improving the manufacturing ecosystem.
The budget announced Dhan Dhanya Krishi Yojana to be implemented in 100 districts with an aim to benefit 1.7 crore farmers, create rural job opportunities, and reduce migration by making agriculture more lucrative.
While the TDS threshold on rent has been increased to ₹6 lakh, TCS on education loans up to ₹10 lakh (from specified financial institutions) will be removed.
A total of 36 Life-Saving Drugs have been added to the list of medicines fully exempt from Basic Customs Duty.
She also said that top 50 tourism destination sites will be developed in partnership with states to boost tourism and promoting medical tourism.
Sitharaman became the only Finance Minister to present the budget eight consecutive times.
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