| Big respite for middle class, no tax upto Rs 12 lakh income | | PM Modi hails people’s budget; historic move to change lives, says LG Sinha | | Agencies
New Delhi, Feb 1: Union Finance Minister Nirmala Sitharaman today announced that zero income tax will be levied till Rs 12 lakh income under the revised new tax regime.
While presenting the Budget in the Parliament, the Finance Minister said the new and “simpler” income tax bill will be introduced next week.
After Sitharaman’s budget address, Prime Minister Narendra Modi hailed the Union Budget as a "Force Multiplier" for India's development journey, describing it as a "budget of aspirations" for 140 crore Indians.
Meanwhile, PM Modi called it a ‘people’s budget’ stating that the budget will increase savings, investments, consumption and growth. The PM said that Union Budget 2025 focuses not on filling government's coffers but filling the pockets of the people of the country.
Historic move to change lives: LG Sinha
Meanwhile, Lieutenant Governor Manoj Sinha hailed the Union Budget for 2025-2026, presented by the Finance and Corporate Affairs Minister Nirmala Sitharaman, in Parliament today.
The Lieutenant Governor has posted on X: “My heartfelt thanks to Hon'ble Finance Minister Smt. Nirmala Sitharaman Ji for a pragmatic Budget for Viksit Bharat. Grateful to Hon'ble PM Shri Narendra Modi Ji for putting the economy on a fast-track and bold development initiatives for poor, youth, farmers and women.
Big boost to the middle class. The revised tax rate structure is a historic move to bring change in the lives of the middle class. Hon'ble PM has also provided huge relief to taxpayers by raising the TDS limit on rent, enhancing social security and formalising the gig economy.
Budget 2025-26 reflects India's growing aspiration for accelerated growth and to stimulate private sector investments. The focus on agricultural growth with various initiatives including Agri District Programme seeks to translate the vision of rural prosperity and social equity.
India is the fastest-growing among all major global economies and this budget will further boost infrastructure sector, MSMEs, energy sector, innovation, employment generation, and push transformative reforms in key sectors for more inclusive and more sustainable growth.” |
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