{"id":1095,"date":"2025-02-06T04:55:52","date_gmt":"2025-02-06T04:55:52","guid":{"rendered":"https:\/\/www.skizzlehr.tech\/resources\/?p=1095"},"modified":"2025-02-06T04:57:06","modified_gmt":"2025-02-06T04:57:06","slug":"indian-union-budget-2025-highlights","status":"publish","type":"post","link":"https:\/\/www.skizzlehr.tech\/resources\/blog\/indian-union-budget-2025-highlights\/","title":{"rendered":"Union Budget 2025: Key Highlights You Need to Know\u00a0"},"content":{"rendered":"\n

The Union Budget 2025<\/strong><\/a>, presented by Finance Minister Nirmala Sitharaman on February 1, 2025, aims to boost economic growth, ease tax burdens on individuals, support agriculture, and foster innovation. This budget is crucial as India focuses on post-pandemic recovery, global economic uncertainties, and strengthening domestic industries. <\/p>\n\n\n\n

Union Budget 2025: Important Highlights\u00a0<\/strong>\u00a0<\/h2>\n\n\n\n

From tax reforms to start-up incentives and fiscal deficit management, here are the key takeaways from this year\u2019s budget: <\/p>\n\n\n\n

1. Taxation Reforms: Relief for Middle-Class Taxpayers\u00a0<\/strong><\/h3>\n\n\n\n

Taxation is always a major focus of any budget, and this year\u2019s budget brings significant relief to the middle class by increasing the tax exemption limit and restructuring the tax slabs.\u00a0<\/p>\n\n\n\n

\"Tax\"<\/figure>\n\n\n\n

Revised Budget Income Tax Slabs<\/strong> <\/p>\n\n\n\n

The government has raised the income tax exemption threshold from \u20b97 lakh to \u20b912 lakh under the new tax regime. This means that individuals earning up to \u20b912 lakh annually will now be exempt from paying income tax, providing much-needed relief to salaried employees and the middle class. <\/p>\n\n\n\n

Additionally, the new tax structure is as follows: <\/p>\n\n\n\n

Annual Income Slab <\/td>Tax Rate <\/td><\/tr>
Up to \u20b94 lakh <\/td>Nil <\/td><\/tr>
\u20b94 lakh – \u20b98 lakh <\/td>5% <\/td><\/tr>
\u20b98 lakh – \u20b912 lakh <\/td>10% <\/td><\/tr>
\u20b912 lakh – \u20b916 lakh <\/td>15% <\/td><\/tr>
\u20b916 lakh – \u20b920 lakh <\/td>20% <\/td><\/tr>
\u20b920 lakh – \u20b924 lakh <\/td>25% <\/td><\/tr>
Above \u20b924 lakh <\/td>30% <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Another big change is the increase in standard deduction from \u20b950,000 to \u20b975,000, ensuring more savings for taxpayers. <\/p>\n\n\n\n

With the revised tax slabs, businesses must ensure accurate payroll processing to remain compliant. SkizzleHR\u2019s payroll software<\/strong><\/a> automatically updates tax calculations, ensuring seamless payroll execution. <\/p>\n\n\n\n

Corporate Tax & Business Incentives<\/strong> <\/p>\n\n\n\n