New Delhi, Feb 1 (PTI) Highlights of the Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman in Parliament on Saturday: DIRECT TAX * No personal income tax for income up to Rs 12 lakh under the new regime * Limit will be Rs 12.75 lakh for salaried taxpayers due to a standard deduction of Rs 75,000 * Revenue of about Rs 1 lakh crore in direct taxes will be forgone * New Income-Tax Bill to be clear and simple INDIRECT TAX * Removes seven tariff rates * Social Welfare Surcharge on 82 tariff lines that are subject to a cess exempted INSURANCE SECTOR * Foreign Direct Investment (FDI) in the insurance sector to be hiked to 100 per cent from 74 per cent GOVT RECEIPTS * Total receipts other than borrowings at Rs 34.96 lakh crore; total expenditure at Rs 50.65 lakh crore * Net tax receipts at Rs 28.37 lakh crore * Fiscal deficit at 4.4 per cent of GDP * Gross market borrowings at Rs 14.82 lakh crore * Capex expenditure at Rs 11.21 lakh crore or (3.1 pc of GDP) AGRICULTURE SECTOR * Prime Minister Dhan-Dhaanya Krishi Yojana - The programme to be launched in partnership with states, covering 100 districts, to benefit 1.7 crore farmers * Government to launch 6-year 'Mission for Aatmanirbharta in Pulses' with focus on Tur, Urad and Masoor * NAFED and NCCF to procure these pulses from farmers in next 4 years * Comprehensive programme for vegetables and fruits * Makhana Board to be established in Bihar to improve production, processing, value addition, and marketing of fox nuts * Urea Plant with an annual capacity of 12.7 lakh metric tonnes to be set up at Namrup, Assam MSME SECTOR * Investment and turnover limits for classification of all MSMEs to be enhanced to 2.5 and 2 times, respectively * Customised credit cards with Rs 5 lakh limit for micro-enterprises registered on Udyam portal, 10 lakh cards to be issued in 1st year * New Fund of Funds, with expanded scope and a fresh contribution of Rs 10,000 crore to be set up * New scheme for 5 lakh women, SC and ST first-time entrepreneurs to provide term-loans up to Rs 2 cr in the next 5 years announced * Focus product scheme announced to facilitate employment for 22 lakh persons, generate a turnover of Rs 4 lakh cr and exports of over Rs 1.1 lakh crore * Scheme to create high-quality, unique, innovative, and sustainable toys, making India a global hub for toys announced * National Institute of Food Technology, Entrepreneurship and Management to be set up in Bihar * National Manufacturing Mission covering small, medium and large industries for furthering "Make in India" announced INVESTMENT AS ENGINE OF DEVELOPMENT * 50,000 Atal Tinkering Labs to be set up in Government schools in next 5 years * Broadband connectivity to be provided to all government secondary schools and primary health centres in rural areas under Bharatnet project * Additional infrastructure to be created in the 5 IITs started after 2014 to facilitate education for 6,500 more students * Centre of Excellence in Artificial Intelligence for education to be set up with a total outlay of Rs 500 crore * 10,000 additional seats to be added in medical colleges and hospitals next year, adding to 75,000 seats in next 5 years * PM SVANidhi scheme to be revamped with enhanced loans from banks, UPI-linked credit cards with a Rs 30,000 limit, and capacity-building support * Government to arrange for identity cards, registration on e-Shram portal and healthcare under PM Jan Arogya Yojana for gig workers * Infrastructure-related ministries to come up with a 3-year pipeline of projects in PPP mode; states also encouraged * Support to states for infrastructure - Outlay of Rs 1.5 lakh crore proposed for the 50-year interest-free loans to states for capital expenditure and incentives for reforms * Asset Monetisation Plan - Second Plan for 2025-30 to plough back capital of Rs 10 lakh crore in new projects announced * Nuclear Energy Mission for research and development of Small Modular Reactors (SMR) with an outlay of Rs 20,000 crore to be set up, 5 indigenously developed SMRs to be operational by 2033 * Modified UDAN scheme announced to enhance regional connectivity to 120 new destinations and carry 4 crore passengers in next 10 years * SWAMIH Fund 2 - A fund of Rs 15,000 cr aimed at expeditious completion of another 1 lakh dwelling units, with contributions from the government, banks and private investors announced * 'BharatTradeNet' (BTN) for international trade to be set up as a unified platform for trade documentation and financing solutions. PTI NKD RAM NKD BAL BAL

Personal income tax relief: new regime removes tax below a threshold and mandates a simplified Income Tax Bill. Direct tax reform removes personal income tax for incomes below a specified threshold, preserves a salaried standard deduction raising the effective exempt limit, foregoes significant direct tax revenue and introduces a New Income Tax Bill to simplify law. Indirect tax rationalisation removes seven tariff rates and exempts the Social Welfare Surcharge on specified tariff lines. Insurance sector FDI limits are raised to full ownership, alongside enhanced capital expenditure, asset monetisation, MSME credit measures, and targeted sectoral missions for agriculture, manufacturing and infrastructure.