Finance

1/Feb/2025 : Union budget 2025

No Income Tax for Middle Class:

Overview: Individuals earning up to ₹12 lakh annually are exempt from paying income tax.
Impact: This is a significant relief for the middle class, enhancing their disposable income and spending power, which in turn can stimulate economic activity and consumption.

Urban Challenge Fund:

Overview: A ₹1 lakh crore fund dedicated to transforming cities into growth hubs and improving water and sanitation infrastructure.
Impact: This fund aims to address urban challenges, enhance living standards, and promote sustainable urban development. It’s expected to create job opportunities and attract investments in urban areas.

Nuclear Energy Mission:

Overview: Aiming to develop at least 100 GW of nuclear power by 2047.
Impact: This initiative will boost India’s energy security and reduce dependence on fossil fuels. It aligns with the country’s commitment to reducing carbon emissions and achieving sustainable energy goals.

Support for MSMEs (Micro, Small, and Medium Enterprises):

Overview: Introduction of customized credit cards for MSMEs, an expanded fund-of-funds, and increased investment and turnover limits.
Impact: These measures are designed to enhance credit accessibility for MSMEs, encouraging their growth and contribution to the economy. MSMEs play a crucial role in employment generation and innovation.

Agriculture Focus:

Overview: New initiative under the Prime Minister Krishi Yojana targeting 100 districts with low productivity.
Impact: This initiative aims to boost agricultural productivity in underperforming districts through better practices, technology adoption, and infrastructure support. It seeks to improve farmers’ incomes and ensure food security.

Boost for Startups:

Overview: Doubling the credit guarantee for startups to ₹20 crore and a fresh infusion of ₹10,000 crore into the Fund of Funds Scheme (FFS) for startups
Impact: These measures aim to enhance access to funding for startups, particularly in sectors like deep tech, AI, fintech, health tech, and clean energy

1/Feb/2025 : TAX announcements

You can calculate the ITR for the coming FY from the below websites