India’s Union Budget 2025: A Taxpayer’s Delight and a Strategic Push for Growth
India’s Union Budget 2025 brings a refreshing mix of relief for the middle class and robust investments in innovation and infrastructure. With a major overhaul of the tax regime and bold allocations to tech and startups, this budget is positioned to stimulate demand, simplify compliance, and support long-term economic ambitions.
One of the most headline-grabbing announcements is the revised income tax structure, offering zero tax liability for individuals earning up to ₹12 lakh annually—ushering in a potential ₹1 lakh crore direct tax benefit. For businesses, especially in manufacturing, technology, and fintech, incentives such as the ₹10,000 crore Fund of Funds for startups and ₹2,000 crore for AI development highlight the government’s focus on building a “Viksit Bharat” by 2047.
Key highlights include:
- Revised personal tax slabs under the new regime with increased rebates and no tax up to ₹12 lakh.
- Simplified TDS/TCS framework and relief for charitable trusts, easing compliance burdens.
- Boost to domestic manufacturing via reduced customs duties on critical sectors like EVs, electronics, and pharmaceuticals.
- Extended tax holidays and exemptions for startups and IFSCs, driving fintech and global capital integration.
- Introduction of a three-year block transfer pricing option, reducing litigation and compliance overhead.
- Digital economy clarity, including crypto asset definitions and expanded reporting requirements.
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