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Updated 22:38 IST, February 1st 2025

Budget 2025: KYC Process To Now Get Easy, Revamped Central Registry Will Be Rolled Out Soon, Says FM Sitharaman

Budget 2025: KYC Process To Now Get Easy, Revamped Central Registry Will Be Rolled Out Soon, Says FM Sitharaman

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Budget 2025: KYC Process To Now Get Easy, Revamped Central Registry Will Be Rolled Out Soon, Says FM Sitharaman
Budget 2025: KYC Process To Now Get Easy, Revamped Central Registry Will Be Rolled Out Soon, Says FM Sitharaman | Image: X

Budget 2025: Finance Minister Nirmala Sitharaman , presenting the Union Budget 2025 in Parliament today, announced that a revamped Central Know Your Customer (KYC) registry will be rolled out soon, aimed at simplifying and streamlining KYC processes across financial institutions.  

The Finance Minister emphasized that the new system would include periodic updating mechanisms to enhance efficiency and security. "Simplifying the KYC processes, the revamped central KYC registry will be rolled out in 2025. We will also implement a streamlined system," Sitharaman said.  

Alongside the revamped CKYC registry, the government has proposed additional data protection measures, ensuring a more secure system for Aadhaar, PAN card, Voter ID, and driving licenses. These steps aim to safeguard personal financial data while making compliance more user-friendly and less cumbersome.

FM Nirmala Sitharaman's Big Announcement, Zero Income Tax Under New Tax Regime

In a major announcement, Finance Minister Nirmala Sitharaman has announced zero income tax for income up to Rs 12 lakh under the new tax regime. Take a look at the complete list of changes in tax slabs and rate change.

Individuals earning up to Rs 12 lakh annually will not have to pay any income tax under the new tax regime as Finance Minister Nirmala Sitharaman on Saturday gave relief to middle class by raising exemption limit and rejigging slabs. For salaried employees, this nil tax limit will be Rs 12.75 lakh per annum, after taking into account a standard deduction of Rs 75,000.

Higher exemptions and rejigs have been effected under the new income tax regime. "I am now happy to announce that there will be no income tax payable up to income of Rs 12 lakh (i.e. average income of Rs 1 lakh per month other than special rate income such as capital gains) under the new regime," the finance minister said.

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Published 12:06 IST, February 1st 2025