{"id":2432,"date":"2025-02-05T13:45:31","date_gmt":"2025-02-05T08:15:31","guid":{"rendered":"https:\/\/www.torusdigital.com\/toruscope\/?p=2432"},"modified":"2025-08-11T15:15:40","modified_gmt":"2025-08-11T09:45:40","slug":"overview-of-union-budget-2025-for-taxpayers","status":"publish","type":"post","link":"https:\/\/www.torusdigital.com\/toruscope\/budget\/overview-of-union-budget-2025-for-taxpayers\/","title":{"rendered":"Overview of Union Budget 2025 for Taxpayers"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_section el_id=&#8221;blog-inner-layout&#8221;][vc_row overlay_dotted=&#8221;&#8221;][vc_column el_class=&#8221;blog_primary&#8221;][vc_row_inner][vc_column_inner][vc_column_text css=&#8221;&#8221;]<span style=\"font-weight: 400;\">The much-awaited Union <\/span><span style=\"font-weight: 400;\">Budget 2025<\/span><span style=\"font-weight: 400;\"> is finally here. This time, the government has paid special attention to middle-income groups, with many announcements offering relief to their pockets. From increasing the exemption limit to enhancing deductions for various investment schemes, there is a lot in store for taxpayers on the positive side. Let&#8217;s discuss all the details.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Budget_2025_Changes_in_Tax_Structure\"><\/span><b>Budget 2025: Changes in Tax<\/b><b> Structure\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><span style=\"font-weight: 400;\">Budget 2025<\/span><span style=\"font-weight: 400;\"> has increased the tax exemption limit to \u20b912 lakh per annum. And with the standard deduction of \u20b975,000 under section 87A, as a salaried individual or a pensioner, you do not have to pay any taxes up to \u20b912.75 lakh.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Changes were also made to the tax slab. Here are the details:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Annual Income<\/b><\/td>\n<td><b>Tax Rate<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Upto \u20b94,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b94,00,001 to \u20b98,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b98,00,001 to \u20b912,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b912,00,001 to \u20b916,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b916,00,001 to \u20b920,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b920,00,001 to \u20b924,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Above \u20b924,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Note: <\/b><span style=\"font-weight: 400;\">The revised tax slab of<\/span><span style=\"font-weight: 400;\"> Budget 2025<\/span><span style=\"font-weight: 400;\"> applies to the financial year 2025-26 and Assessment Year 2026-27.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Savings_Under_New_Tax_Slab\"><\/span><b>Savings Under New Tax Slab<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As a taxpayer, depending on your income, you can save up to \u20b91.1 lakh through tax rebates. Here are the details of the <\/span><span style=\"font-weight: 400;\">tax changes in Budget 2025.\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">Income<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Rates (%)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Liability<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Proposed Rates<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Tax Liability Under New Rate<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Savings<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Upto \u20b93,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b94,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b95,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b95,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b97,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b920,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b915,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b95,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b98,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b930,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b920,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b910,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b910,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b950,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b940,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b910,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b911,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b965,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b950,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b915,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b912,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b980,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b960,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b920,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b913,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b975,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b925,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b914,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91,20,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b990,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b930,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b915,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91,40,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91,05,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b935,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b916,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91,70,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91,20,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b950,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b917,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b92,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91,40,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b960,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b918,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b92,30,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91,60,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b970,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b919,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b92,60,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91,80,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b980,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b920,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b92,90,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b92,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b990,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b921,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b93,20,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b92,25,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b995,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b922,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b93,50,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b92,50,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91,00,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b923,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b93,80,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b92,75,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91,05,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b924,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b94,10,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b93,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91,10,000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Note: <\/b><span style=\"font-weight: 400;\">Even if your income is less than \u20b912 lakhs, tax filing is mandatory to claim rebate benefits. You can skip filing ITR if your income is less than \u20b94 lakhs (basic exemption limit).<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Other_Tax_Relief_Under_the_Union_Budget_2025\"><\/span><b>Other Tax Relief Under the Union Budget 2025<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Here are some key <\/span><span style=\"font-weight: 400;\">income tax reliefs in the 2025<\/span><span style=\"font-weight: 400;\"> Union Budget:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The government has proposed amendments under Section 23 of the Income Tax Act to provide tax benefits on a second self-occupied house. Previously, only one self-occupied house property was considered tax-free, while the second was taxable based on its notional value.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">To help retirees (over 60 years of age) increase their savings rate, the government has proposed to double the deduction on interest income to\u00a0 \u20b91 lakh from the previous cap of\u00a0 \u20b950,000.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">As a taxpayer, you will now have four years to file updated tax returns and correct errors or provide any income details you missed mentioning. Previously, this period was two years. The additional rate on the updated filing will be 60% of the tax amount, including any interest if filed between 24 and 36 months. The rate increases to 70% for filings made between 36 and 48 months.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Changes_in_Tax_Deducted_and_Collected_at_Source_Under_Union_Budget_2025\"><\/span><b>Changes in Tax Deducted and Collected at Source Under Union <\/b><b>Budget 2025<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Another <\/span><span style=\"font-weight: 400;\">tax change in Budget 2025<\/span><span style=\"font-weight: 400;\"> is related to TCS and TDS. The government has proposed amendments to the TCS on remittances made under the Liberalised Remittance Scheme (LRS). The new rule will increase the threshold limit to \u20b910,00,000 from the previous \u20b97,00,000. Additionally, the proposal has been made to exempt TCS from remittances made for educational purposes, such as loans.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Section\u00a0<\/b><\/td>\n<td><b>Transaction Type<\/b><\/td>\n<td><b>Proposed Limit<\/b><\/td>\n<td><b>Current Limit<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Section 193<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Interest on securities<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b910,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Nil<\/span><\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\"><b>Section 194A<\/b><\/td>\n<td rowspan=\"3\"><span style=\"font-weight: 400;\">Interest through source than securities\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b91,00,000 for senior citizens\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b950,000 for senior citizens\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b950,000 when the bank\/ post-office\/ co-operative society pays the interest\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b940,000 when the bank\/ post-office\/ co-operative society pays the interest<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">\u20b910,000 for other sources<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b95,000 for other sources<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Section 194<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Dividend income (individual shareholders)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b910,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b95,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Section 194K<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Income from mutual fund units<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b910,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b95,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>194B<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Income from lottery winnings<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b910,000 (for a single transaction)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b910,000 (aggregate amount in the financial year)<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>194BB<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Income from horse race\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b910,000 (for a single transaction)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b910,000 (aggregate amount in the financial year)<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>194D<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Insurance commission\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b920,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b915,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>194G<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Commission on lottery tickets\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b920,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b915,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>194H<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Brokerage<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b920,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b915,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>194-I<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Rent<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b950,000 per month or part of the month<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b92,40,000 per financial year<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>194-J<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Fee for technical or professional service\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b950,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b930,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>194LA<\/b><\/td>\n<td><span style=\"font-weight: 400;\">Income via enhanced commission\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b95,00,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">\u20b92,50,000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Earlier, the TDS and TCS applicable to non-income tax return filers were higher under sections 206AB and 206CCA. However, in the <\/span><span style=\"font-weight: 400;\">Budget 2025<\/span><span style=\"font-weight: 400;\">, proposals were made to omit these sections.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Taxation_on_Investment_Schemes\"><\/span><b>Taxation on Investment Schemes\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The government has proposed amendments to the tax treatment of the following two schemes to ensure <\/span><span style=\"font-weight: 400;\">taxpayers benefit from Budget 2025<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"NPS_Vatsalya_Schemes\"><\/span><b>NPS Vatsalya Schemes<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Launched in September 2024, this scheme allows parents or guardians of a minor to open a National Pension Scheme (NPS) account for their child below the age of 18. The primary objective behind this scheme is to provide long-term financial security to their little ones.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To promote investment in this scheme, the government has proposed a tax deduction on contributions of up to \u20b950,000 under Section 80CCD(1B) of the Income Tax Act under <\/span><span style=\"font-weight: 400;\">Budget 2025<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Earlier, the deduction benefit was available only for individual contributions to NPS Tier 1.<\/span><\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"ULIPs\"><\/span><b>ULIPs<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Previously, if you purchased the ULIP on or after 1st February 2021, and the annual premium is over \u20b92.5 lakhs, the income from it will be considered as capital gains and taxed accordingly. This means that, since they have a lock-in period of five years, long-term capital gains would apply to them at a rate of 12.5%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For other policies purchased before 1st February 2021, the payout was treated as \u2018Income from Other Sources.\u2019 Depending upon your slab, the rate can go up to 30%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, in the Union <\/span><span style=\"font-weight: 400;\">Budget 2025<\/span><span style=\"font-weight: 400;\">, the government has proposed that now all policies where the premium is equal to or greater than 10% of the sum assured, the payout will be considered as capital gains. For policies where the premium is less than the mentioned threshold, they will continue to enjoy tax exemption benefits under section 10(10D).<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><b>Conclusion<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Union <\/span><span style=\"font-weight: 400;\">Budget 2025<\/span><span style=\"font-weight: 400;\"> brings significant tax benefits and structural reforms aimed at easing the financial burden on taxpayers. With higher exemptions, deductions, and investment incentives, you now have more opportunities to maximise your savings and plan your finances effectively. The revisions in tax slabs, reliefs on self-occupied property, and higher deductions for senior citizens further strengthen your financial security.\u00a0<\/span><\/p>\n<p>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text css=&#8221;&#8221;]The decision between stock investing and speculation depends on individual goals, risk tolerance, and investment philosophy:<\/p>\n<ol>\n<li><strong>Investing:<\/strong> Best for those seeking long-term wealth creation and financial stability. Focus on fundamental analysis, realistic expectations, and the power of compounding.<br \/>\nExample: Investing in a company like Reliance Industries for 10+ years.<\/li>\n<li><strong>Speculation:<\/strong> Appeals to those willing to take higher risks for quick gains. Requires significant market timing and technical expertise.<br \/>\nExample: Trading IPO stocks for immediate returns.<\/li>\n<\/ol>\n<p><strong>Pro Tip:<\/strong> Consider a blended approach, allocating a small portion of your portfolio to speculative bets while keeping the majority in solid, long-term investments.[\/vc_column_text][vc_row_inner el_id=&#8221;share_rating&#8221;][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h6>Rate this article<\/h6>\n<!-- FeedbackWP Plugin --><div  class=\"rmp-widgets-container rmp-wp-plugin rmp-main-container js-rmp-widgets-container js-rmp-widgets-container--2432 \"  data-post-id=\"2432\">    <!-- Rating widget -->  <div class=\"rmp-rating-widget js-rmp-rating-widget\">            <div class=\"rmp-rating-widget__icons\">      <ul class=\"rmp-rating-widget__icons-list js-rmp-rating-icons-list\">                  <li class=\"rmp-rating-widget__icons-list__icon js-rmp-rating-item\" data-descriptive-rating=\"Terrible!\" data-value=\"1\">              <i class=\"js-rmp-rating-icon rmp-icon rmp-icon--ratings rmp-icon--star rmp-icon--full-highlight\"><\/i>          <\/li>                  <li class=\"rmp-rating-widget__icons-list__icon js-rmp-rating-item\" data-descriptive-rating=\"Bad!\" data-value=\"2\">              <i class=\"js-rmp-rating-icon rmp-icon rmp-icon--ratings rmp-icon--star rmp-icon--full-highlight\"><\/i>          <\/li>                  <li class=\"rmp-rating-widget__icons-list__icon js-rmp-rating-item\" data-descriptive-rating=\"Okay!\" data-value=\"3\">              <i class=\"js-rmp-rating-icon rmp-icon rmp-icon--ratings rmp-icon--star rmp-icon--full-highlight\"><\/i>          <\/li>                  <li class=\"rmp-rating-widget__icons-list__icon js-rmp-rating-item\" data-descriptive-rating=\"Good!\" data-value=\"4\">              <i class=\"js-rmp-rating-icon rmp-icon rmp-icon--ratings rmp-icon--star rmp-icon--full-highlight\"><\/i>          <\/li>                  <li class=\"rmp-rating-widget__icons-list__icon js-rmp-rating-item\" data-descriptive-rating=\"Great!\" data-value=\"5\">              <i class=\"js-rmp-rating-icon rmp-icon rmp-icon--ratings rmp-icon--star rmp-icon--half-highlight js-rmp-remove-half-star\"><\/i>          <\/li>              <\/ul>    <\/div>    <p class=\"rmp-rating-widget__hover-text js-rmp-hover-text\"><\/p>    <button class=\"rmp-rating-widget__submit-btn rmp-btn js-submit-rating-btn\">      Submit Rating    <\/button>    <p class=\"rmp-rating-widget__results js-rmp-results \">       <span class=\"rmp-rating-widget__results__rating js-rmp-avg-rating\">4.4<\/span> \/ 5.  <span class=\"rmp-rating-widget__results__votes js-rmp-vote-count\">5<\/span>    <\/p>    <p class=\"rmp-rating-widget__not-rated js-rmp-not-rated rmp-rating-widget__not-rated--hidden\">          <\/p>    <p class=\"rmp-rating-widget__msg js-rmp-msg\"><\/p>  <\/div>  <!--Structured data -->        <\/div>\n<div id=\"emoji-overlay\" style=\"display: none;\">\n<div id=\"overlay-emoji\"><\/div>\n<div id=\"overlay-description\" class=\"emoji-text\"><\/div>\n<\/div>\n<div id=\"rating-popup\">\n<p><span id=\"popup-close\">\u00d7<\/span><\/p>\n<div class=\"popup_message\">\n<div id=\"popup-emoji\"><\/div>\n<div class=\"popup_innermsg\">\n<h5>Thank You for Rating Our Article!<\/h5>\n<p>Your feedback is incredibly valuable to us, and we&#8217;re thrilled to hear your thoughts.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>[\/vc_column_text][\/vc_column_inner][vc_column_inner width=&#8221;1\/2&#8243;][vc_column_text css=&#8221;&#8221;]<\/p>\n<h6>Share this article<\/h6>\n<div class=\"cscra-social square cscra-socials-679c8a1122c00\">\n        <a href=\"\/\/www.facebook.com\/sharer\/sharer.php?u=https%3A%2F%2Fwww.torusdigital.com%2Ftoruscope%2Fbudget%2Foverview-of-union-budget-2025-for-taxpayers%2F&t=Overview+of+Union+Budget+2025+for+Taxpayers\" class=\"facebook\" data-toggle=\"tooltip\" data-placement=\"top\" title=\"Share On Facebook\" target=\"_blank\"><i class=\"fa fa-facebook\"><\/i><\/a>\n        <a href=\"\/\/twitter.com\/intent\/tweet?text=Overview+of+Union+Budget+2025+for+Taxpayers&url=https%3A%2F%2Fwww.torusdigital.com%2Ftoruscope%2Fbudget%2Foverview-of-union-budget-2025-for-taxpayers%2F\" class=\"twitter\" data-toggle=\"tooltip\" data-placement=\"top\" title=\"Share On Twitter\" target=\"_blank\"><i class=\"fa-brands fa-x-twitter\"><\/i><\/a>\n        <a href=\"https:\/\/api.whatsapp.com\/send?text=Overview+of+Union+Budget+2025+for+Taxpayers - 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This time, the government has paid special attention to middle-income groups, with many announcements offering relief to their pockets. From increasing the exemption limit to enhancing deductions for various investment schemes, there is a lot in store for taxpayers on the positive side.","protected":false},"author":1,"featured_media":4538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","footnotes":""},"categories":[146],"tags":[],"class_list":["post-2432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Union Budget 2025: Key Updates and Benefits for Taxpayers<\/title>\n<meta name=\"description\" content=\"Discover the major tax updates from Union Budget 2025. 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