Income tax free up to Rs 12 lakh in the budget, Uttarakhand CM Dhami said- ‘A big gift for the middle class’

The budget has given a big relief to the middle class. Now no tax will have to be paid on income up to Rs 12 lakh annually. Uttarakhand Chief Minister Pushkar Singh Dhami has described this as a big gift for the middle class.

Every person of the country including the middle class will be benefited

He said that under the visionary and strong leadership of Prime Minister Modi, an important decision has been taken to make the income of Rs 12 lakh tax free under the Union Budget 2025-26, giving a big relief to the middle class. Certainly, the people of the country including the middle class will be benefited by this public welfare decision. This decision will not only encourage economic development, but will also bring positive changes in the lifestyle of the people.

Big gift for the middle class..!

Under the visionary and strong leadership of the respected Prime Minister Shri @narendramodi ji, an important decision has been taken to make the income of ₹ 12 lakh tax free under the Union Budget 2025-26, giving a big relief to the middle class.

Certainly, this public welfare decision…

What do experts say

Experts believe that under the new tax system, income up to Rs 12 lakh will now be tax-free. This will reduce the financial burden on the middle class considerably. This bold step increases disposable income, which will boost consumption in the economy. This reform will not only benefit the salaried, but will also benefit businesses and investments. This will increase overall growth.

Budget at a glance

• No income tax on average income up to Rs 1 lakh per month
• Salaried taxpayers will not have to pay any income tax up to Rs 75 lakh in the new tax system
• Four engines of development have been identified in the Union Budget – agriculture, MSME, investment and export
• 7 crore farmers will benefit from Pradhan Mantri Dhan-Dhanya Krishi Yojana
  “Self-reliance mission in pulses” will be launched with special focus on tur, urad and lentil
• Loan up to five lakhs through KCC under revised interest scheme
  Fiscal deficit estimated to be 8 percent in FY-25, target to reduce it to 4.4 percent in FY-26
• Loan given with guarantee to MSME increased from Rs 5 crore to Rs 10 crore
  National Manufacturing Mission launched by including small, medium and large industries to give continuity to Make in India
• 50 thousand Atal Tinkering Laboratories in government schools in the next five years
• Rs 500 crore Centre of Excellence in Artificial Intelligence for Education with a total outlay of Rs.
• PM SVANidhi including enhanced credit access from banks, UPI linked credit card with a limit of Rs. 30,000
• Gig workers to be given identity cards, registration in e-Shram portal and healthcare under PM Jan Arogya Yojana
• Urban Challenge Fund of Rs. 1 lakh crore to cities as growth hubs
• Atomic Energy Mission for R&D of small modular reactors with an outlay of Rs. 20,000 crore
• Revised Udaan Yojana to enhance regional connectivity to 120 new destinations
• And Rs. 15,000 crore SWAMI Fund for speedy completion of one lakh residential units
• Rs. 20,000 crore allocated for research, development and innovation initiatives driven by private sector
• Gyan Bharat Mission for survey and preservation of manuscripts
• FDI limit in insurance sector increased from 74 to 100 percent
• Decriminalizing more than 100 provisions in various laws, Jan Arogya Yojana Vishwas Bill to be introduced
• Time limit for filing revised income tax returns extended from two to four years
• Delay in payment of TCS no longer a crime
• TDS on rent raised from Rs 4 lakh to Rs 6 lakh
• 36 life saving drugs for treatment of cancer, rare diseases and other serious chronic diseases exempted from basic customs duty (BCD)
• BCD on IFPD raised to 20%, BCD reduced by 5% on open cells
• BCD exemption on certain open cells to encourage domestic manufacturing
• Exemption on additional capital goods for electric vehicle and mobile battery production to boost battery production
• BCD exemption for 10 years on raw materials and components used in shipbuilding
• BCD on frozen fish paste reduced from 30% to 5% and on fish hydrolysate reduced from 15% to 5%