maha-cm-fadnavis-calls-union-budget-a-dream-for-middle-class

Maharashtra Chief Minister Devendra Fadnavis has hailed the Union Budget 2025 as a significant step towards economic growth, particularly benefiting the middle class.

 

The budget, presented by Finance Minister Nirmala Sitharaman, has been described as a "dream budget" by Fadnavis, reflecting its focus on key economic reforms and tax relief measures.

 

Fadnavis commended the decision to modify the income tax exemption slab, highlighting its potential to have a widespread impact on the economy.

 

He noted that raising the exemption limit to ₹12 lakh would lead to increased disposable income, higher demand, and growth in the MSME sector, ultimately generating employment opportunities. According to him, this measure will strengthen the financial well-being of a large section of the population.

 

The Chief Minister also praised the agricultural schemes announced in the budget, stating that they would pave the way for significant advancements in the sector. He described the budget as a transformative step for India's economy, aligning with the vision of development in the 21st century.

 

Shiv Sena (UBT) MP Priyanka Chaturvedi also acknowledged the budget’s impact on the middle class. She pointed out that this long-standing demand had finally been addressed, welcoming the tax relief measures introduced in the budget.

 

One of the major highlights of the budget is the increase in the threshold for Tax Deduction at Source (TDS) on rent. Sitharaman announced that the annual limit for TDS on rent would be raised from ₹2.40 lakh to ₹6 lakh, reducing the number of transactions subject to TDS and benefiting small taxpayers.

 

This effectively increases the monthly TDS deduction threshold from ₹20,000 to ₹50,000, easing compliance burdens for individuals and small businesses.

 

During her budget speech, Sitharaman reiterated the government's commitment to simplifying the tax system. She proposed rationalising TDS rates and thresholds to enhance clarity and uniformity.

 

Additionally, the budget includes a significant benefit for senior citizens, doubling the tax deduction limit on interest income from ₹50,000 to ₹1,00,000.

 

These measures reflect the government's intent to provide financial relief to the middle class and small taxpayers while promoting economic stability.