Finance minister Nirmala Sitharaman announced significant tax relief in the Union Budget, raising the nil-tax threshold to Rs 12 lakh, relieving nearly 1 crore taxpayers. She also extended the time frame for filing updated returns to 48 months.

Finance Minister Nirmala Sitharaman made history on Saturday by presenting her eighth consecutive budget with a 74-minute-long speech. This achievement brings her closer to the record held by former Prime Minister Morarji Desai, who presented 10 budgets during his tenure, six between 1959 and 1964 and four from 1967 to 1969.

LIVE: During the Union Budget 2025 announcements, Finance Minister Nirmala Sitharaman said that under the new tax slabs, over one crore taxpayers will be exempt from paying taxes

Sitharaman will present the budget today at 11:00 am. The Parliamentary Budget session kicked off on January 31, 2025. The session is being conducted in two phases: the first part runs from January 31 to February 13, while the second segment is scheduled between March 10 and April 4.

Prime Minister Modi invoked Goddess Lakshmi on Budget-eve, later Indian taxpayers received significant tax relief. Finance Minister announced revised tax slabs where the biggest benefit is for those earning up to Rs 12.

Nirmala Sitharaman's budget session saree reflects not just a personal fashion statement but also a deep appreciation for India's rich heritage of handwoven textiles and crafts.

Finance Minister Nirmala Sitharaman said the top priorities of Budget 2025 will be to boost growth and enhance the spending power of the middle class.