"Victory of middle class": Shiv Sena (UBT) MP Priyanka Chaturvedi hails Union Budget 2025

Speaking to ANI, Chaturvedi says, "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."

In her Union Budget 2025 speech, Finance Minister Nirmala Sitharaman announced that no income tax would be payable on income up to Rs 12 lakh, providing significant relief to taxpayers, particularly the middle class. This exemption will extend to Rs 12.75 lakh for salaried taxpayers, factoring in a standard deduction of Rs 75,000. Sitharaman emphasised that the new income tax regime would be simpler, with a special focus on benefiting the middle class.

However, there is a condition: the exemption can only be claimed if taxpayers take relief under various sections of the Income Tax Act, such as the Rs 1.5 lakh exemption under Section 80CCC and the Rs 1.5 lakh exemption for paying interest on home loans.

The Finance Minister also proposed changes in income tax slabs and rates across the board, ensuring a more progressive taxation system. Sitharaman stated, "Slabs and rates are being changed across the board to benefit all taxpayers. The new structure will substantially reduce the taxes for the middle class and leave more money in their hands, boosting household consumption, savings, and investment."

Sitharaman made a notable announcement for Bihar, proposing the formation of a Makhana Board, the establishment of new greenfield airports, and the expansion of Patna Airport. Additionally, the Finance Minister announced the creation of the National Institute of Food Technology, Entrepreneurship, and Management in Bihar to give a strong boost to food processing activities in the entire Eastern region. (ANI)