On February 1, 2025, the Union Finance Minister presented the annual budget, bringing significant relief and benefits to the middle class. The budget focuses on tax exemptions, healthcare, entrepreneurship, and economic growth, aiming to uplift various sections of society.
Key Announcements in the Budget:
1. Income Tax Exemption:
Individuals earning up to ₹12 lakh annually will not have to pay any income tax, providing substantial relief to the salaried and middle-class population.
2. Healthcare Benefits:
GST on 36 essential life-saving medicines has been reduced, making healthcare more affordable.
3. TDS Limit Increased:
The Tax Deducted at Source (TDS) threshold has been raised from ₹50,000 to ₹3 lakh, reducing financial burdens on taxpayers.
4. Empowerment of Women:
New welfare schemes have been introduced for 5 crore women to enhance financial independence and well-being.
Special benefits will be provided to SC-ST women to support their socio-economic growth.
5. Boost for Startups:
Startups can avail loans up to ₹20 crores, promoting entrepreneurship and business expansion.
6. Reduction in Mobile & Car Prices:
The budget includes measures to make mobile phones and electric cars more affordable, boosting digital accessibility and green energy adoption.
7. Creation of Arbitration & Redressal Fund:
A ₹1 lakh crore fund has been allocated for arbitration and redressal mechanisms to resolve financial disputes efficiently.
8. ITR Filing Relaxation:
Individuals can now update their Income Tax Returns (ITR) up to 4 years, offering greater flexibility in tax compliance.
Conclusion:
The Union Budget 2025 prioritizes the middle class, making life easier through tax exemptions, affordable healthcare, and business-friendly policies. The government’s focus on women empowerment, entrepreneurship, and digital growth reflects a forward-looking approach towards economic stability and prosperity.
