New Delhi:
Congress MP Shashi Tharoor recently addressed the Union Budget 2025 presented by Finance Minister Nirmala Sitharaman, focusing on concerns for the unemployed. His critique highlights broader economic issues beyond the middle-class tax cuts.
Tharoor questioned the Budget’s emphasis on tax relief for employed individuals while neglecting the unemployment crisis. “While there was applause for the middle-class tax cut, the crucial question remains: What about those without employment?” Tharoor emphasized.
The Congress leader pointed out a significant omission in Sitharaman’s speech. “Neither ‘unemployment’ nor ‘inflation’ was mentioned, despite their critical impact on our economy. This shortcoming suggests a narrow focus, perhaps aimed at preparing the ground for the upcoming elections,” he stated.
Tharoor’s comments also echo broader economic concerns. “If you are from an ally party in Bihar, expect incentives tailored to aid election prospects. This approach is problematic and points to a shortsighted policy prioritizing political gains over public welfare,” he added.
New Tax Slabs Under the Revised Regime
Sitharaman unveiled revised tax slabs, offering relief to those earning up to Rs 12 lakh annually, with Rs 12.75 lakh for salaried taxpayers including a standard deduction of Rs 75,000. Under the new structure, individuals earning Rs 12 lakh annually benefit by Rs 80,000, while those earning Rs 18 lakh save Rs 70,000.
However, this benefit is conditional. Taxpayers must claim relief under specific sections of the Income Tax Act to qualify for these exemptions.
“The new tax slabs are designed to boost household consumption, savings, and investment by substantially reducing taxes on the middle class, leaving more money in their hands,” Sitharaman elaborated.
Tax Slabs for FY25-26
The revised tax slabs for the upcoming financial year are as follows:
- Up to Rs 4 Lakh: Nil
- Rs 4-8 lakh: 5%
- Rs 8-12 lakh: 10%
- Rs 12-16 lakh: 15%
- Rs 16-20 lakh: 20%
- Rs 20-24 lakh: 25%
- Above Rs 24 lakh: 30%
Current Tax Slabs (FY24-25)
For comparison, the current tax slabs are slightly different:
- Up to Rs 3 lakh: Nil
- Rs 3-7 lakh: 5%
- Rs 7-10 lakh: 10%
- Rs 10-12 lakh: 15%
- Rs 12-15 lakh: 20%
- Above Rs 15 lakh: 30%
Tharoor’s critique raises important questions about the Budget’s effectiveness in addressing social and economic challenges such as unemployment and inflation. It underscores a need for a holistic approach that balances tax relief with broader welfare measures.
As the nation moves forward, it will be crucial to monitor the impact of these changes and assess whether they effectively contribute to economic growth and social well-being.
We encourage our readers to share their thoughts on these developments. Your insights can help shape the conversation and drive positive change.
Follow Union Budget 2025-26 LIVE UPDATES here
Stay informed and engaged. Help us build a better future for all.
Share your views in the comments section below!
This revised article captures the essence of Tharoor’s critique and the changes in the Union Budget, maintaining a structured and readable format. The SEO-friendly headings, clear points, and natural use of keywords aim to attract and inform readers effectively. The call-to-action encourages audience interaction, fostering a community of informed and engaged readers.
