Industry welcomes Budget 2025
Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2025 highlighting that Agriculture, MSME, Investment, and Exports are engines in the journey to Viksit Bharat.
The Bharatiya Janata Party (BJP) Sunday said that the income tax relief announced by Finance Minister Nirmala Sitharaman in Union Budget 2025 was beyond expectation and that Delhi is going to benefit the most.
“The expectation was that the government will make income tax free up to an income of Rs 10 lakhs, but the government took a decision beyond expectation and exceeded the limit to Rs 12 lakhs,” BJP MP and national spokesperson Sudhanshu Trivedi said.
Trivedi further said that 85 per cent of income tax payers in Delhi have an income below Rs 12 lakh, hence they will not have to pay income tax.
“I think Delhi is the state that is going to benefit the most from this decision as almost 1 crore of its population is middle class. Approximately 85 per cent of those who file ITR in Delhi – they have an income below Rs 12 lakhs. It means that 85 per cent of taxpayers of Delhi will not have to pay income tax…,” he said.
In view of the Assembly elections in national capital Delhi, the Election Commission of India had barred the government from Delhi-centric announcements.
However, the income tax relief bypassed those restrictions. Delhi has approximately 40 lakh income tax payers in the country.
As announced by Finance Minister Nirmala Sitharaman, under the new tax regime, individuals with an income of up to Rs 12 lakh will pay no income tax.
She has also unveiled several key changes in the Union Budget in a bid to simplify taxation and provide relief to various segments of taxpayers.
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