Thane (Maharashtra) [India], February 1 (ANI): Maharashtra Deputy Chief Minister Eknath Shinde praised the Union Budget presented by the Finance Minister, Nirmala Sitharaman, in Lok Sabha on Saturday, calling it a “people’s budget” that would lead to prosperity in every household.
“First of all, I express my gratitude to Prime Minister Narendra Modi and greetings to Finance Minister Nirmala Sitharaman. This budget will lead to Laxmi (prosperity, wealth and good fortune) in every household. Everyone has been included in the Budget,” he told reporters here.
“The tax relief up to Rs 12 lakh is a huge thing,’ Maharashtra Deputy CM said. “It will lead to savings, encourage people to invest and will therefore boost our economy. This budget is the first step towards PM Narendra Modi’s dream of making India an economic superpower… The capacity of MSMEs to take loans has been increased. Due to this, small industries will grow through MSMEs, which will directly benefit people by boosting employment and industry in the country…,” he added.
Shinde further took a jibe at the opposition, stating, “The opposition had levelled the same allegations last time as well… We (Maharashtra state) have a huge number of taxpayers, who will benefit from the budget… Those who are disappointed should leave their pessimism behind and welcome this budget. This budget is a people’s budget.”
Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025 in the Lok Sabha outlining a roadmap for India’s continued economic expansion, emphasising agriculture, micro, small, and medium enterprises (MSMEs), investment, and exports.
In the budget announcement by the Union Finance Minister, it was announced that no income tax will be payable on income up to Rs 12 lakh, providing substantial relief to taxpayers, especially the middle class.
For salaried taxpayers, the limit would be Rs 12.75 lakh rupees, accounting for Rs 75,000 of the standard deduction. Sitharaman also stated that the new income tax regime will be simpler, with a special focus on benefiting the middle class.
“To taxpayers up to Rs 12 lakh of normal income (other than special rate income such as capital gains) tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them,” said Sitharaman.
The announcement from the Finance Minister of this big relief to the middle class was met by a loud thumping of the desks by the treasury benches led by PM Narendra Modi.
The finance minister announced changes in income tax slabs and rates across the board, ensuring a more progressive taxation system.
Sitharaman said, “Slabs and rates are being changed across the board to benefit all tax-payers. The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment.”
Under the new tax slabs income of up to Rs 4 lakh will have to pay Nil tax hiked from Rs 3 lakh. A taxpayer in the new regime with an income of Rs 12 lakh will get a benefit of `Rs 80,000 in tax.
A person having an income of Rs 18 lakh will get a benefit of Rs 70,000 in tax. A person with an income of Rs 25 lakh gets a benefit of Rs 1,10,000 under the new tax slabs.
Meanwhile, Prime Minister Narendra Modi on Saturday hailed the Union Budget 2025 as a “Force Multiplier” for India’s development journey, describing it as a “budget of aspirations” for 140 crore Indians.
“This is the budget of the aspirations of 140 crore Indians, this is a budget that fulfils the dreams of every Indian,” PM Modi stated. (ANI)
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