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Journalism of Courage
Union Finance Minister Nirmala Sitharaman, in a surprise move, while presenting the Budget 2025, announced no income tax up to Rs 12.75 lakh for those filing under the new tax regime, leaving many in shock and disbelief. Several prominent figures reacted to the announcement, creating a hullabaloo. Shaadi.com founder-CEO and Shark Tank India judge Anupam Mittal also shared his thoughts on the respite for the Indian taxpayers.
“For years, middle-class professionals have been India’s punching bag. Taxed at every turn, squeezed for every rupee, while the ultra-rich found loopholes and businesses got tax breaks,” Mittal wrote on LinkedIn.
“You don’t build an economy by making people feel gareeb. You build it by making them wealthier,” he wrote.
See the post here:
In a post on X, Mittal claimed the new tax regime would make India income-tax-free. “Turns out that almost 90% tax-filers in India have an income below 13 lacs p.a. meaning out of 140 cr people only 1 cr will pay income tax this year effectively making India income-tax free,” he wrote.
Several social media flocked to the comment section with one saying, “Well it will increase the burden on the 1 crore..lets just hope more and more people start earning above 12L..to spread it across.” Another user commented, “The amount of indirect tax we are paying in the form of gst and vat and if combined with personal income tax, we are left with nothing.”
“It is a good move by government to support the middle class. However, the concern is how will government compensate for the loss of direct tax revenue of appx Rs. 1 trillion,” a third user said.
