Tag Archives: Budget 2025

Nirmala Sitharaman, Finance Minister, GoI, announced “Govt to increase TCS on remittances under RBI’s Liberalised remittance scheme from ₹7 lakh to ₹10 lakh. She also said, “In the budget of July 2024, the delay of the payments of the TDS up to the due date of filing statements was decriminalised; I propose the same from the TCS provisions as well.” Number of rates and thresholds above which TDS is deducted to be reduced Limit for tax deduction on interest for senior citizens to be doubled from ₹50,000 to? 1 lakh Annual limit for TDS on rent to be increased from ₹2.40 lakh to ₹6 lakh Threshold to collect tax at source on remittances under RBI’s Liberalized Remittance Scheme to be raised from ₹7 lakh to ₹10 lakh

Nirmala Sitharamann, Finance Minister, GoI said that medical tourism and ‘heal in India’ to be promoted in partnership with the private sector. In a bid to boost tourism, she revealed plans to promote medical tourism in partnership with the private sector and place special emphasis on destinations linked to the life and times of Lord Buddha. PM Gati Shakti data will be made accessible to the private sector, and the development of the top 50 tourist destinations will be carried out in partnership with state governments while adding that mudra loans to be provided to homestays. Presenting the Budget for 2025-26, Sitharaman also mentioned that hotels will also be included in the harmonised scheme for enhanced tourism infrastructure and financial support would be provided for the Western Kosi Canal project, which will benefit 50,000 hectares in the Mithilanchal region of Bihar.

Announcing the tourism sector, Nirmala Sitharamann, Finance Minister, GoI said that an infusion of ₹20,000 crore to increase tourism-led employment is going to help several states that house top tourist locations build infrastructure and boost connectivity. The onus has been put on states to acquire land to build hotels and other required facilities. Also, a continued focus to promote India as key destination on the world map for on spiritual tourism gets a boost – especially projecting it as a birthplace of Lord Ram through the Ramayana circuit, and as the birthplace of Buddha through the Buddhist circuit, roping in south east Asian tourist footfall. They are also likely to get visa fee waivers, so will the medical tourism segment, with a focus on Heal in India, she added.

Presenting the Budget-2025, Nirmala Sitharaman, Finance Minister, GoI announced that three-year pipeline of projects by states to be given that can be implemented in private-public partnership (PPP) mode. Each infrastructure-related ministry is to come up with a three-year plan to be implemented in PPP mode. The outlay of ₹1.5 lakh crore is proposed for 50-year interest-free loans. The government will create a ₹1 lakh crore Urban Challenge Fund aimed at transforming cities into growth hubs. The fund will finance 25% of the cost of bankable projects, with an allocation of ₹10,000 crore for 2025-26. The remaining 50% will be funded through bonds, bank loans, and public-private partnerships (PPPs), she added.

Unveiling her eighth consecutive Union Budget for the term 2025-2026 in Lok Sabha, Nirmala Sitharaman, Finance Minister, Government of India on Saturday (February 1) announced that five National Centres of Excellence for Skilling will be established with global expertise for Make for India Make for the world to equip the youth with the necessary skills for global opportunities. She promised global skilling partnerships to enable India to become a key player in global manufacturing.