Assam Celebrates Historic Union Budget: Himanta Biswa Sarma
Click to start listening
Synopsis
Assam's Chief Minister Himanta Biswa Sarma praised the Union Budget presented by Finance Minister Nirmala Sitharaman, calling it historic. The budget includes significant initiatives such as a urea plant in Namrup and tax relief for the middle class.
Key Takeaways
- Historic Union Budget for Assam
- Urea plant in Namrup announced
- Tax relief for middle class
- Optimized TDS rates
- Extended deadline for tax filing
Guwahati, Feb 1 (NationPress) Assam's Chief Minister Himanta Biswa Sarma hailed the Union Budget unveiled by Finance Minister Nirmala Sitharaman as a landmark moment.
In a post on X, CM Sarma remarked, 'What a historic day for Assam! #UnionBudget2025 has unveiled a 12.7 lakh MT urea plant in Namrup, fulfilling a long-awaited request from the citizens of Assam. Following the semiconductor facility in Jagiroad, this urea project will transform the entire North East region.'
'This initiative will not only ensure self-sufficiency in fertilizer production but will also facilitate better utilization of our natural gas resources,' he further noted.
The Chief Minister extended his thanks to Prime Minister Narendra Modi and Finance Minister Sitharaman for prioritizing Assam in the budget.
He expressed, 'On behalf of the people of Assam, my sincere appreciation to Hon’ble Prime Minister Shri @narendramodi Ji and Hon'ble Finance Minister Smt @nsitharaman Ji.'
In a significant relief for the Indian middle class, Finance Minister Sitharaman announced that no income tax would be levied on earnings up to Rs 12 lakh, and Rs 12.75 lakh for salaried individuals (including standard deductions).
The newly structured tax rates are Rs 0-4 lakh (zero tax), Rs 4-8 lakh (5 percent), Rs 8-12 lakh (10 percent), Rs 12-16 lakh (15 percent), Rs 16-20 lakh (20 percent), Rs 20-24 lakh (25 percent), and above Rs 24 lakh (30 percent).
'This new tax framework will significantly alleviate the tax burden for the middle class,' declared FM Sitharaman.
While presenting the Union Budget 2025-26, FM Sitharaman mentioned that the tax deduction at source (TDS) rates would be optimized, and the threshold for tax deductions for senior citizens would be increased to Rs 1 lakh.
Additionally, FM Sitharaman proposed to extend the deadline for filing an updated return from two years to four years.
