General debate on Union Budget 2025-26 begins in Parliament today
The Budget session of Parliament commenced on January 31, marked by a speech from President Droupadi Murmu and the presentation of the Union Budget 2025 by Finance Minister Nirmala Sitharaman on February 1. Today, both Houses of Parliament will deliberate on the Union Budget 2025-2026, starting at 11 am.
Prime Minister Narendra Modi is set to respond to the discussion on President Droupadi Murmu's speech in the Rajya Sabha. The Lok Sabha session today will start with the Question Hour, followed by the presentation of parliamentary papers by various ministries.
Union Minister of Housing and Urban Affairs Manohar Lal Khattar, Union Minister of State for Power Shripad Yesso Naik, Union Minister of State for Micro, Small and Medium Enterprises Shobha Karandlaje, Union Minister of State for Road Transport and Highways Ajay Tamta, Union Minister of State for Civil Aviation Murlidhar Mohol, Union Minister of State for Food Processing Industries Ravneet Singh Bittu, and Union Minister of State for Housing and Urban Affairs Tokhan Sahu are set to present their documents.
Gaurav Gogoi, the Deputy Leader of Congress in the Lok Sabha, has submitted an adjournment motion to address the deportation of Indian nationals by the United States and to ensure measures are taken to prevent the humiliation and mistreatment of Indian citizens overseas. Additionally, a new Income Tax Bill, set to replace the Income Tax Act of 1961, is expected to be presented in Parliament today.
On Tuesday, Prime Minister Modi responded to the motion of thanks for President Droupadi Murmu's address in Parliament, discussing the development initiatives and efforts of the BJP-led government to uplift the poor. On January 31, Finance Minister Nirmala Sitharaman presented the Economic Survey 2024-25, projecting India's GDP growth at 6.4 percent for the financial year 2025.
What Is the Mechanism of the New Income Tax Bracket?
According to the new tax system, individuals with an annual income of up to ₹12 lakh will be exempt from paying income tax. For those earning more than ₹12 lakh per year, the revised structure includes no tax on income up to ₹4 lakh, a 5 percent tax on income between ₹4 lakh and ₹8 lakh, a 10 percent tax on income between ₹8 lakh and ₹12 lakh, and a 15 percent tax on income between ₹12 lakh and ₹16 lakh.
An income tax of 20 percent will be imposed on earnings between ₹16 and ₹20 lakh, 25 percent on earnings between ₹20 and ₹24 lakh, and 30 percent on earnings above ₹24 lakh annually.