The budget focuses on youth, farmers and women, the poor, youth, farmers and women
Shimla, BJP State President Dr Rajiv Bindal said that India’s economy is the fastest growing economy among all major global economies. In the last 10 years, the development track record and structural reforms of the Modi government have attracted significant international attention. The transformative work done during the first two terms of this government serves as a guide, enabling this government to move forward with determination. Development measures have been proposed in various sectors, focusing on youth, annadaata and women, poor, youth, farmers, women. Bindal said that the relief in income tax is a big gift of the Central Government to the public. Democracy, demography and demand are the major supporting pillars in our journey towards developed India, the middle class provides power to India’s development. The NDA government led by Prime Minister Modi has always believed in the commendable energy and potential of the middle class in nation building. Recognizing their contribution, the Modi government has reduced their tax burden from time to time. Right after 2014, the ‘zero tax’ slab was increased to Rs 2.5 lakh, which was further increased to Rs 5 lakh in 2019 and to Rs 7 lakh in 2023 and under the new regime, there will be no income tax on income up to Rs 12 lakh (i.e. average income of Rs 1 lakh per month excluding special rate income like capital gains).
Bindal said that for the salaried class, there is no income tax applicable up to annual income of ₹12.75 lakh, as the standard deduction benefit of ₹75,000 is available to the salaried class. The total tax benefit of slab rate changes and exemptions at different income levels can be explained with examples. In the new system, a taxpayer with an income of ₹12 lakh will get a tax benefit of ₹80,000 (100% of the tax payable as per the existing rates will be exempted). The effective income tax rate will be 0%.
Shimla, BJP National President Jagat Prakash Nadda said that the NDA government’s general budget under the leadership of respected Prime Minister Narendra Modi is a symbol of commitment to the welfare of all people and the happiness of all people as well as the resolution to build a ‘developed India’. This general budget will provide direction to the reconstruction of a strong, prosperous and self-reliant India. In this, special attention has been given to all sectors including women, laborers, poor, farmers, youth, businessmen, agriculture, economic relief to middle class families, better health facilities, industry, investment and export. I express my gratitude to Prime Minister Modi for this budget that fulfills the concept of ‘developed India’ and heartily congratulate Finance Minister Nirmala Sitharaman and her entire team.