The Union Budget 2025 was presented on February 1, 2025, at 11:00 AM, with Finance Minister Nirmala Sitharaman delivering it in Parliament, continuing her tradition of presenting the budget for the eighth consecutive year. The budget was highly anticipated, especially by the banking and financial sectors.
The highlights for Union Budget 2024-25 for the Finance Sector are as listed below:
The budget introduces tax exemptions for retail schemes and ETFs in IFSC, aligning them with specified funds. It also exempts certain incomes of the Core Settlement Guarantee Fund in IFSC.
Capital gains taxation has been overhauled with a focus on simplifying tax implications for non-residents. Long-term capital gains on listed securities above Rs.1.25 lakh will be taxed at 12.5%, while short-term gains on listed securities are taxed at 20%.
From 1 April 2025, unlisted debentures and bonds will be treated as short-term assets. Corporate tax rates for foreign companies have been reduced from 40% to 35%, with an effective rate of 38.22% including surcharge and cess.
Debt recovery tribunals are being strengthened and deepened to improve efficiency in resolving debt-related issues. The budget allocates Rs.1.5 lakh crore as interest-free long-term loans to states and plans to expand India Post Payment Bank with over 100 new branches in the North-east region.
There is a strong emphasis on boosting domestic manufacturing, reducing litigation, and facilitating trade. This includes enhancements to the GST framework, rationalization of customs duties, and abolishing the 2% Equalisation Levy on non-resident e-commerce operators effective from 1 August 2024.
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.