Indian Union Budget 2025-26 - Popular items at a glance - Huge tax relief !!

 


In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman introduced significant changes in custom duties, impacting both consumers and industries across India. While the budget focuses on promoting economic growth, supporting local manufacturing, and enhancing middle-class welfare, the revisions in import duties will make some products cheaper and others costlier.

Here’s the detailed explanation of what’s getting cheaper and what’s getting costlier

What’s Becoming Cheaper? 

Electronics and Mobile Goods Mobile Phone Components: Duty exemptions on 28 items used in mobile phone battery manufacturing will decreases the prices for phones and accessories.

LED/LCD TVs: A reduction in duties on open cells and other essential components will make TV production more affordable.

EV Batteries and Components: Reduced duties on lithium-ion battery scrap, cobalt, and other key materials will make electric vehicles more cost-effective, with a focus on increasing EV usage over the country.

Medical Equipment and Life-saving Drugs: The budget exempts 36 critical medicines, including cancer drugs, from basic customs duty (BCD). Various medical devices and equipment also benefit from reduced duties by considering the health as important factor.

Raw Materials for Leather and Shipbuilding: Import duties on wet blue leather and raw materials for shipbuilding have been reduced, benefiting the leather and shipbuilding industries.

Agriculture and Marine Products Seafood Imports: Duty reductions on frozen fish paste and fish hydrolysate will help lower production costs for seafood-based products, promoting exports.

What’s Becoming Costlier? 

Electronics and Displays Interactive Flat Panel Displays: Customs duties on interactive flat-panel displays have been increased from 10% to 20%, making large interactive screens more expensive for businesses and consumers.

Textile and Apparel Knitted Fabrics: A hike in customs duties for knitted fabrics may lead to higher costs for the textile industry, particularly for clothing and apparel items. The duty increase is aimed at boosting domestic textile production and promoting technical textiles.


Budget 2025-26  Tax Updates 

Under the newly announced tax slabs under the new regime, no income tax will be payable on annual income of up to Rs 12,00,000. For salaried individuals opting for the new tax regime, income of up to Rs 12,75,000 will be tax-free. Section 87A rebate has been increased to 60,000. FM Sitharaman presented her 8th consecutive budget 2025-26 today.

Budget 2025 Income Tax Updates: The middle class was hoping for a favorable change in the income tax slabs ahead of the Union Budget 2025-26, and they were not disappointed.

In Budget 2025-26 highlights Section 87A rebate under the new tax regime has been increased from Rs 25,000 to Rs 60,000 Basic income tax exemption limit raised from Rs 3,00,000 in existing new regime to Rs 4,00,000 in proposed new regime Proposed increase in TCS threshold on remittances under RBI’s Liberalized Remittance Scheme (LRS) from Rs. 7 lakh to Rs. 10 lakh TCS not applicable to educational remittances funded by loans from specified financial institutions Time for filing updated returns for any AY extended by 2 years

No Income payable on income of up to Rs 12,00,000 in the new tax regime Here is how the new (proposed) tax regime will now look like: 

Zero to Rs 4,00,000- No Tax 

Rs 4,00,000 to Rs 8,00,000---5% 

Rs 8,00,0001 to Rs 12,00,000---10% 

Rs 12,00,001 to Rs16 lakh--15% 

Rs 16,00,001 to Rs 20 lakh--20% 

Rs 20,00,001 to Rs 24 lakh-- 25% 

Above 24 lakh---30%


The income tax slabs for FY 2025-26 under the old income tax regime continue to be the same: Annual earnings up to Rs 2,50,000 are exempt from taxation 5% tax applies on earnings between Rs 2,50,001 and Rs 5,00,000 20% tax rate for income range of Rs 5,00,001 to Rs 10,00,000 Earnings exceeding Rs 10,00,000 are taxed at 30%


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