Union Budget 2025: Major Tax Relief for Middle Class

Union Minister Hardeep Singh Puri praised the 2025 Union Budget as excellent, citing the income tax exemption for incomes up to Rs 12 lakhs. This measure aims to boost middle-class spending and stimulate the economy. Finance Minister Nirmala Sitharaman outlined a revamped tax regime, focusing on taxpayer relief and simplifying tax structures.

Union Minister Hardeep Singh Puri lauded the Union Budget for 2025, describing it as excellent while emphasizing the key provision of income tax exemption up to Rs 12 lakhs. Puri expressed that this measure is expected to enhance middle-class spending, thereby invigorating the Indian economy.

Finance Minister Nirmala Sitharaman announced the significant relief during her budget speech, stating that income up to Rs 12 lakh will be tax-free. Additionally, a simplified tax regime with specific benefits for the middle class was introduced, intended to foster increased household consumption, savings, and investment.

The new tax slabs have been adjusted to ensure a more progressive system, offering sizable benefits across various income levels. With these changes, the government projects a revenue impact of around Rs 1 lakh crore in forgone direct taxes. This comprehensive approach aims to leave more disposable income in the hands of taxpayers.