Sajjan Bhajanka lauds Union Budget 2025 for balanced growth strategy
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Synopsis
In his remarks, Sajjan Bhajanka commended the Union Budget 2025 for its balanced approach, which he believes will greatly benefit the middle class through significant tax relief and simplification of systems, paving the way for long-term economic growth.
Key Takeaways
- Balanced budget supports middle class
- New tax regime offers relief
- Income tax exemption for earnings up to Rs 12 lakh
- Financial benefits of Rs 70,000 to Rs 1.25 lakh for taxpayers
- Progressive tax structure from 0% to 30%
New Delhi, Feb 1 (NationPress) Sajjan Bhajanka, the Founder and Chairman of Century Plyboards Limited, commended the Union Budget 2025 for adopting a balanced approach that greatly favors the middle class.
In an interview with IANS on Saturday, Bhajanka voiced his strong support for the budget's initiatives, emphasizing tax relief and system simplifications as critical positive measures.
“This budget is balanced, and there’s nothing unfavorable about it,” Bhajanka stated.
A highlight of the budget is the newly introduced tax regime, which provides considerable benefits to taxpayers.
“The middle class has certainly gained, especially with the abolition of income tax for those earning up to Rs 12 lakh annually. This relief alleviates their compliance burden, allowing them to concentrate more on growth rather than on paperwork,” he remarked.
Bhajanka noted that every income taxpayer will benefit financially by at least Rs 70,000 to Rs 1.25 lakh, due to the revised tax brackets that feature lower rates for higher income levels.
“This represents a significant relief for all taxpayers. Moreover, many complex issues have been addressed, and the criminalization of certain offenses has been abolished,” he added.
The Union Budget 2025 also introduces other noteworthy tax reforms, including a new progressive tax structure ranging from 0 per cent to 30 per cent, based on earnings.
Finance Minister Nirmala Sitharaman also revealed a rationalization of Tax Deduction at Source (TDS) rates and an increase in tax deductions for senior citizens to Rs 1 lakh. Furthermore, the time frame for filing updated returns has been extended from two years to four years.
Bhajanka acknowledged that although expectations were elevated, particularly with PM Modi leading, the budget lays a balanced groundwork for long-term growth. He hinted that more impactful measures could surface in future details, ensuring ongoing economic advancement.
