The Union Finance Minister has presented an important budget including several key reforms in taxation. For senior citizens, the interest income tax-exempt limit is increased from ₹50,000 to ₹1,00,000. An annual limit on TDS has been increased to ₹6 lakh from ₹2.40 lakh for rent payments. The timeline for submitting the revised return would be increased to four years in place of two years for an assessment year. TCS on funds spent for educational purposes will be exempt, provided the loan is taken from designated financial institutions. In another significant change, individuals owning two homes will now be eligible for tax exemptions. Previously, only one home qualified for such exemptions. The tax exemption on the notional rent income of a second home has been removed. Additionally, the TCS threshold for payments under the RBI’s Liberalized Remittance Scheme has been increased from ₹7 lakh to ₹10 lakh.
A significant initiative in the health sector is the setting up of day-care cancer centers in district hospitals. The budget also proposes a nutritional program aimed at improving the general well-being of citizens. The government further plans to set up day-care cancer centers in every district hospital across the country in the next three years.
The finance minister also announced the creation of 10,000 additional medical seats across various medical colleges and hospitals, along with the development of a network of cooperative medical tourism and healthcare initiatives. In rural areas, the budget includes expanding broadband connectivity to all government secondary schools, ensuring better access to digital resources.
Under the IndiaNet project, it will focus on improving infrastructure and increasing available seats for students in the country's top IITs and other prestigious institutions. For example, 6,500 more students will be accommodated in the five IITs that began in 2014. Expanding language resources is also included, such as making Indian language books available in digital format.
The research scenario will also receive a boost as 10,000 fellowships will be provided under the PM Research Fellowship Scheme at IITs and IISc. The government also plans to increase investment in the nuclear energy sector with a targeted ₹20,000 crore in this area so that more and more research and development is conducted in the technologies of nuclear energy. The objective is to see five reactors functioning by 2033 and the generation of 100 gigawatts of nuclear power by 2047.
Keeping with this growth of the gig economy, the government introduced new measures to protect workers engaged in online delivery services, freelance work, and other digital-based employment. The government is providing them with health insurance and security cards. Moreover, healthcare insurance benefits through the Ayushman Bharat scheme have been extended to workers in the gig economy, benefitting around 1 crore gig workers in the country.
For low-income groups, including middle-class families, the government has envisioned a package of welfare measures that will make healthcare coverage sufficiently substantial. According to estimates of the National Commission, 30% of the population in India, or 40 crore people, are without health insurance, and these reforms intend to fill the gap.