The Union Budget presented by Nirmala Sitharaman was one of the shortest budgets, with a speech spanning over 74 minutes. The speech made some big announcements and schemes, ranging from agriculture to a reduction in customs duty on cancer drugs.
However, one of the key announcements came towards the end as designed.
Harsh Goenka Reacts To Budget
Reactions are trickling in, and one of the first industrialists to make their reaction public is RPG Group’s Harsh Goenka.
Harsh Goenka, who is known for his extensive activity on X, took the microblogging website to talk about the budget.
In his post on X, Goenka lauded FM and her budget. Goenka said, “Just like the men in blue, FM Sitharaman has announced a Champions budget that Deep(ly) Seeks to institute structural reforms, Trump’s consumption woes, putting money in the hands of the middle class.”
Further enumerating his perspective on the budget, Goenka, invoked the ongoing Maha Kumbh festivities in Uttar Pradesh’s Prayagraj and said, “India does a ‘shahi snan’, cleansing itself from structural issues and transforming towards a truly Viksit Bharat.#Budget2025”
Earlier, Goenka also shared a meme on the matter. In the meme shared on X, the RPG group chair poked fun at the additional allocation of funds and schemes and benefits to Bihar.
Some Of The Key Announcements
Some of the important announcements made in the speech include Investment In MSMEs
Here, investment and turnover limits classifying Micro, Small, and Medium Enterprises (MSMEs) will be raised to 2.5 and 2 times, respectively.
In addition to that, the limit for tax deduction on interest income of senior citizens was raised from 50K to 1 lakh.
Similarly, the tax deducted at source or TDS on rent has been increased to Rs 6 lakh from annual limit of Rs 2.40 lakh.
Along with that, in an effort to make tax compliance easier, the finance minister also extended the deadline for filing tax returns from 2 to 4 years.
