Nadda also pointed out the tax exemption from income of up to Rs 12 lakhs, which remained the major highlight for the budget, and thanked Finance Minister Nirmala Sitharaman and Prime Minister Narendra Modi for the same.
"When the Congress was in office, in 2014, if you earned Rs 2.5 lakh (per annum), you had to pay income tax. Now, the figure has gone up to Rs 12 lakh, which is a five times increase. Secondly, if you're earning up to Rs eight lakh, you save Rs 30,000. If you're earning up to Rs 12 lakh,
Taking a dig at the Union Budget presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Saturday, Congress MP Shashi Tharoor said that to benefit from tax exemption, one actually needs an income source.
Union Minister Hardeep Singh Puri called this year's Union Budget excellent and highlighted the income tax exemption up to Rs 12 lakhs which he said will increase the middle class spending, giving a fillip to the economy.
Maharashtra CM Devendra Fadnavis praises Union Budget 2025, calling it a 'dream budget' for the middle class. He highlights increased income tax exemption, expected benefits for MSMEs, and a focus on agriculture schemes as major positives for the economy.
Lakshmi Venkatesan Venkataraman, Founding and Managing Trustee, Bharatiya Yuva Shakti Trust, said, "One of the key concerns for microentrepreneurs is access to timely and adequate credit. While fintech firms and NBFCs process loans in a few days, banks still take 2-3 months, causing delays."
In the run-up to the Budget for 2025-26, former BJP MP and financial market observer, suggested that individuals earning up to Rs 10 lakh per annum should enjoy the benefits of tax exemption.
The current tax structure, with a basic exemption limit of Rs3,00,000 under the new tax regime, has drawn criticism for being outdated in the face of escalating living costs.
As the Union Government gears up for Budget 2025, a report by State Bank of India stated that the government should give significant focus to revitalizing the insurance and healthcare sectors in the country.
Mumbai (Maharashtra) [India], January 22: Abolition of Securities Transaction Tax (STT) and the revision of the income tax exemption slab to Rs 25 lakh are two major expectations from the upcoming Union Budget - 2025, said Akshat Khetan, corporate and legal advisor and Founder of AU Corporat
The US House of Representatives passed a bill on January 15 that aims to reduce tax payments, prevent double taxations and provide tax exemptions for Taiwanese businesses, residents and employees in the US, Focus Taiwan reported.
During the court hearing, Prosecutor Iqbal Kakhar and Advocate Khalid Yousaf Chaudhry appeared in court while Bushra Bibi's counsel presented a plea for exemption during the proceedings.