New Delhi, Feb 1 Sajjan Bhajanka, Founder and Chairman of Century Plyboards Limited, praised the Union Budget 2025 for being a balanced approach that significantly benefits the middle class.
Speaking to IANS on Saturday, Bhajanka expressed strong approval of the budget’s measures, highlighting tax relief and system simplifications as key positive steps.
“The budget is balanced, and there’s nothing negative about it,” Bhajanka remarked.
One of the standout features of the budget is the new tax regime, which offers substantial benefits to taxpayers.
“The middle class has definitely benefited, particularly with the removal of income tax for those earning up to Rs 12 lakh per year. This relief eliminates their compliance burden, allowing them to focus more on growth and less on paperwork,” he said.
Bhajanka pointed out that every income taxpayer will see a financial benefit of at least Rs 70,000 to Rs 1.25 lakh, thanks to the revised tax slabs that offer lower rates on higher income brackets.
“This is a major relief for everyone paying taxes. Additionally, many complex issues have been simplified, and the criminalisation of certain offenses has been removed,” he added.
The Union Budget 2025 also introduces other significant tax changes, including a new progressive tax structure ranging from 0 per cent to 30 per cent, based on earnings.
Finance Minister Nirmala Sitharaman also announced a rationalisation of Tax Deduction at Source (TDS) rates and a doubling of tax deductions for senior citizens to Rs 1 lakh. Furthermore, the time limit for filing updated returns has been extended from two years to four years.
Bhajanka acknowledged that while expectations were high, especially with PM Modi at the helm, the budget provides a balanced foundation for long-term growth. He hinted that more impactful measures could emerge in future fine prints, ensuring continued economic progress.
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