Tax savings to fuel India's consumption story: Chetan Borkar, CFO of Madison World

Individuals earning up to Rs 12 lakh annually will not have to pay any income tax under the new tax regime as Finance Minister Nirmala Sitharaman gave relief to the middle class by raising exemption limits and rejigging slabs in the new budget regime

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New Delhi: After many years of disappointment, the middle-class taxpayer has gotten a big relief in their personal taxation, said Chetan Borkar, CFO of Madison World. 

Borkar welcomed the tax relief measures announced in Budget 2025.

Individuals earning up to Rs 12 lakh annually will not have to pay any income tax under the new tax regime, as Finance Minister Nirmala Sitharaman gave relief to the middle class by raising exemption limits and rejigging slabs in the new budget regime.

Borkar believes that increased tax savings will have a positive impact on the economy. "Tax savings will bring more money into the hands of the middle class, which will fuel the India consumption story," he explained.

Furthermore, he highlighted the expected tabling of the direct tax code in parliament. "The direct tax code is also expected to be tabled in parliament in the next one week, thereby simplifying income tax in India, which is a big positive," Borkar added.

Borkar also expressed satisfaction with the government's approach to fiscal consolidation, stating, "The fiscal consolidation story is on the correct path as the finance minister has estimated, aiming for a 4.4% fiscal deficit without sacrificing much on spending."

The Centre is on track to achieve a fiscal deficit of 4.8% of GDP in 2024–25, with a target to lower it to 4.4% in 2025–26, Finance Minister Nirmala Sitharaman announced in her budget speech on Saturday.

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