Mumbai (Maharashtra) [India], February 1 (ANI): Maharashtra Chief Minister Devendra Fadnavis has hailed the Union Budget 2025 presented by Finance Minister Nirmala Sitharaman on Saturday, as a “dream budget,” especially for the middle class.
Fadnavis praised the budget’s focus on key economic reforms and growth initiatives. “Under the leadership of PM Modi, FM Nirmala Sitharaman has presented a great Budget. This can be called a dream budget, especially for the middle class. She presented such a budget, so I congratulate her,” he said.
Fadnavis lauded the modification in the income tax exemption slab, noting, that the budget will help have a “vast impact on the economy.”.
He said, ” Income Tax exemption slab has been modified and income tax exemption has been raised up to Rs 12 Lakhs. This announcement will prove to be a milestone in India’s economy… This will result in disposable income in the hands of a large section of people, there will be purchase, demand will increase, and MSME will benefit, employment will be generated. So, we will see a vast impact on the economy.”
He added, “In agriculture sector, several schemes have been announced today. I believe this is a pathbreaking Budget. This is a budget that shows a new path in the 21st century,” Fadnavis concluded.
Shiv Sena (UBT) MP Priyanka Chaturvedi dubbed the budget as a victory for the middle class.
“It’s a victory of the middle class; mainly because of them (BJP in Lok Sabha elections) being limited to 240 seats. In the last 10 years, the middle class had this demand – today they have been heard and hence I welcome that (no income tax on income of up to Rs 12 lakhs). Second thing, Bihar must be thinking if it can have an election every year…”
Meanwhile, In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26.
Presenting the budget in Lok Sabha, the Finance Minister said, “The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh. This will reduce the number of transactions liable to TDS, thus benefiting small tax payers receiving small payments.
“This effectively raises the monthly limit for TDS deduction on rent from Rs20,000 to Rs50,000, benefiting small taxpayers and easing compliance burdens.
In her her budget speech, Sitharaman emphasized the government’s commitment to simplifying the tax system.
She said, “I propose to rationalize tax deductions at source (TDS) by reducing the number of rates and thresholds about which TDS is deductible. Further, threshold amounts for tax deduction will be increased for better clarity and uniformity. The limit for tax deduction on interest for senior citizens is being doubled from the present Rs 50,000 to Rs 1,00,000,” she stated.
The new measure is aimed at reducing the number of transactions liable to TDS, making it easier for individuals and businesses that pay rent. (ANI)
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