Indore (Madhya Pradesh): Expressing satisfaction over the Union Budget 2025, the Tax Practitioners' Association (TPA) said it was stable and beneficial for the middle class. Experts highlighted key reforms introduced by finance minister Nirmala Sitharaman, particularly the rationalisation of tax deduction at source (TDS) and income tax slab adjustments, benefiting the middle class. They believe these measures will also enhance tax system efficiency. The association expects the new income tax bill, set to be introduced next week, to simplify and modify the Act, presenting both challenges and opportunities for their profession.
What experts say:
CA PD Nagar (7/10) – The budget is middle-class friendly, with the income tax slab limit raised from Rs 7 lakh to Rs 12 lakh which exceeds our expectations. TDS on remittances has also increased from Rs 7 lakh to Rs 12 lakh. The government should ensure true simplification rather than complicating it in the name of reform.
CA Govind Agrawal (8/10) – Raising the tax deduction limit on interest income for senior citizens from Rs 50,000 to Rs 1 lakh is a major relief. No TDS on rental income up to Rs 6 lakh further reduces taxpayers’ compliance burden. The government’s intent appears to be reducing litigation and encouraging voluntary compliance by removing nearly 100 provisions in the new tax bill.
CA SN Goyal (8/10) – The budget is stable, development-focused and on the right track despite being a deficit budget. More funds were allocated to Bihar as the state election is due there this year. Instead of adding new IITs, student capacity has been expanded for better education. The budget also emphasised on animal welfare, agriculture, dairy industry and infrastructure.
CA Manoj Gupta (8/10) – The tax slab increase will have a political impact on Delhi election. With a stable government and regulation for trade and commerce, India’s economy is projected to reach six trillion dollars by 2030. When middle class people have a significant amount due to adjustment in tax slabs, it is expected that they will have more capacity for expenditure and investment which will boost the economy.
