New Delhi [India], February 1 : Union Minister of State for Home Affairs Bandi Sanjay Kumar described the Union Budget as "truly extraordinary" and said it benefits the poor, middle class, farmers, small traders, and young entrepreneurs.
"The Union Budget is truly extraordinary. It benefits the poor, middle class, farmers, small traders, and young entrepreneurs. This budget is a boon for middle-class employees and business owners. The provision of tax exemption up to Rs12 lakh is a revolutionary step. Never in the past 75 years has a budget been so favorable to the middle class,"an official statement reads.
"This is also a reform-driven budget. The fact that it is structured to make India the third-largest economy by 2027, after the US and China, is a significant achievement. Under the leadership of our beloved Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman has presented such a remarkable budget. This is proof that the BJP government stands firmly with the poor and middle class," the statement added.
Finance Minister Nirmala Sitharaman, during her Union Budget 2025 speech, announced that no income tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers, especially the middle class.
This limit will be Rs 12.75 lakh for salaried taxpayers, counting Rs 75,000 of standard deduction. She also stated that the new income tax regime will be simpler, with a special focus on benefiting the middle class.
Focusing on Telangana, as the minister is currently representing the Karimnagar constituency, he said that due to the income tax changes, employees will be expected to save an average of Rs 80,000.
"Across the country, including Telangana, employees earning up to Rs12 lakh per year will no longer have to pay income tax. As a result, each employee is expected to save an average of Rs 80,000. Prices of televisions, mobile phones, and leather products, commonly purchased by the poor and middle class, are set to decrease significantly," his statement further reads.
He also praised the budget as it reduced the customs duty on certain medicines, helping farmers, stimulating employment and entrepreneurship growth.
"The customs duty on medicines used by patients suffering from cancer and chronic diseases has been significantly reduced, which will lower their medical expenses. This budget is a boon for Farmers and the budget aims to provide Kisan Credit Cards to 7.7 crore farmers, enabling easy access to loans," according to the official statement.
He further claimed that around 50 lakh farmers in Telangana will be able to obtain loans of up Rs 5 lakh with kisan credit cards, which reduces their dependency on private money lenders.
"For Employment and Entrepreneurship Growth, the budget has increased loan limits for street vendors, small traders, aspiring entrepreneurs, and businesses. The MSME loan limit has been increased from Rs 5 crore to Rs10 crore, while startups can avail loans up to Rs 20 crore," his statement read.
Under the new tax slabs income of up to Rs 4 lakh will have to pay Nil tax hiked from Rs 3 lakh. A tax payer in the new regime with an income of Rs 12 lakh will get a benefit of `Rs 80,000 in tax.
A person having income of Rs 18 lakh will get a benefit of Rs 70,000 in tax. A person with an income of Rs 25 lakh gets a benefit of Rs 1,10,000 under the new tax slabs.