BUDGET 2025: WHAT DOES IT SAY?

If your income crosses the above thresholds, then the rebate goes away.

- CA Gaurav Kenkre

But the slabs have also been generously changed, so even those earning above Rs 12 lacs, will still have some tax savings. It is estimated that a taxpayer can save anywhere between Rs 30000 minimum, to a maximum of Rs 1.1 lac, depending on their income level, thanks to the new slab rates brought in, in Budget 2025.

Finance Minister Nirmala Sitharaman's 8th budget in a row, has shown that the Government has taken a decisive turn away from the tried and tested formula adopted by her in the past few budgets. The earlier budgets by her were always heavy on public sector spending on capex and infra such as roads and railways: From Rs 3 lakh crore in 2017 to Rs 11 lac crore in 2024. The concept was very clear: India's growth story will be fuelled primarily by Government spending.

In the year 2019-20, the Finance Minister revved up the 2nd engine of growth: Private capital expenditure into production facilities, trying to make India a manufacturing hub (in line with Make in India), and thus to spur job creation and overall economic growth.