Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said the budget 2025-26 on Sunday, stating the ‘budget of the people, the people’s budget, saying that Prime Minister Narendra Modi was in favor of tax cuts for middle class, but the bureaucrats agreed to this It took time to do. Sitharaman said in an interview to PTI-language, “We have heard the voice of middle class who were complaining about not fulfilling their aspirations despite being an honest taxpayer.” The Finance Minister said that the direct tax was simple And the work towards making easier in compliance started in the budget of July 2024. Now a new law is ready, which will make the language of the law easier, will reduce compliance burden and will be more favorable to users.
It took time to convince CBDT officials
Sitharaman said that the Prime Minister agreed soon on the proposal to reduce tax, but it took some time to convince the Finance Ministry and the Central Board of Direct Taxes (CBDT) officials. These officers have to ensure revenue collections to meet public welfare and other schemes. Sitharaman on Saturday announced an increase in the individual income tax limit, presenting his eighth budget. Now taxpayers will not have to pay any tax on income up to Rs 12 lakh under the new tax system, whereas earlier this limit was seven lakh rupees. The increase of five lakh rupees in the exemption limit is the biggest increase ever and it is equal to all tax reliefs given between 2005 and 2023.
Middle class will benefit greatly
Sitharaman said, “I think the Prime Minister has described it as essence.” He said that this is the budget of the people, this is the budget that people wanted. This will promote domestic consumption, savings and investment. Explaining the thinking behind this big announcement, he said that the tax deduction was going on for some time. Sitharaman said, “After the last budget, the voice of middle class started to rise. He felt that they were paying tax, but they had nothing much to solve their problems. It was also visible that the government is very involved in taking care of very poor and weaker sections.
People were demanding
He said, “Wherever I went, the same voice came from there that we are proud and honest taxpayers. We want to continue to serve the country by becoming a good taxpayer. But what kind of things you can do for us, what do you think about this? “The Finance Minister said,” Then I discussed this with Prime Minister Modi, who gave me special work to see that What can be done in this direction. “He said,” After considering the figures, he was presented before the Prime Minister.
Did it take time to convince the PM?
Asked how much effort was made to convince Prime Minister Modi to convince the relevant proposal, Sitharaman said, “No, I think your question should be that how much time it took for me to convince the ministry and CBDT.” He said, “The Prime Minister was very clear that he wanted to do something. It depends on the ministry to feel comfortable and then proceed with the proposal. The ministry and CBDT needed to explain as they had to be sure about the revenue collection. “The Finance Minister said,” They (officials) were not wrong in reminding me from time to time what it would mean? But finally, all agreed to this. ”Sitharaman said that the Prime Minister meets people from different regions and leaders of industry and listen to their voices and reacts to their needs. He said, “I am very happy to be a part of this government, which really listen and reacts.” Also, the Finance Minister said that efforts are on to increase the scope of tax and the ability to pay Efforts are being made to bring more and more Indians under this purview.
(PTI/Language)
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