'Poverty has been redefined': Shark Tank's Anupam Mittal reacts to Rs 12 lakh tax break in Budget '25
Nirmala Sitharaman has introduced significant tax relief measures for India’s middle class in the Union Budget 2025. These reforms include a streamlined income tax framework, an increased Tax Collected at Source (TCS) threshold for overseas remittances, and expanded tax benefits for middle-income earners.
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Under the revised tax structure, individuals earning up to Rs 12 lakh will be exempt from income tax, while salaried employees, factoring in the standard deduction, will enjoy tax-free earnings up to Rs 12.75 lakh. «This revamped system will considerably ease the tax burden on the middle class,» Sitharaman stated.
Anupam Mittal, the founder of People Group and a well-known judge on Shark Tank India, has praised the 2025 Budget, calling it more than just a tax reduction. In a LinkedIn post, Mittal described the budget as a «systemic correction» rather than a simple tax cut. He emphasized that middle-class professionals have long borne the brunt of the country’s tax system. «For years, they have been heavily taxed at every stage, while the ultra-rich found loopholes and businesses received tax incentives,» he remarked.
Reflecting on past budgets, Mittal highlighted how middle-class taxpayers have consistently been overlooked. «Every year, expectations rise, only to be met with
