Union Budget 2025 has brought good news for the middle class. The announcement of no income tax on ₹12 LPA by Finance Minister Nirmala Sitharaman led to a meme fest on social media. As a part of the reorganized New Income Tax Regime 2025, this relaxation is given to reduce difficulties for early middle-income individuals. Let’s get into all of that, but first, let’s sink into the meme mania that swept the Internet!
The Internet Has Been Meme-ing Up a Storm
After the announcement of the new tax regime by the Finance Minister, social media was flooded with memes, and all of those were meant for well! Middle-class taxpayers celebrated with posts that we could all relate to. Consider it the digital equivalent of celebratory confetti showered on relieved taxpayers.
The Memes: Relatable Reactions
- They included everything from rejoicing in newfound savings to fantasizing about purchases long delayed. Common themes included:
- “At last I can afford that gadget!” There were also a number of memes depicting people eagerly putting things in their online shopping carts.
- Tax savings = Vacation fund, baby!” Much of the images circulating have been exotic places users hope to visit one day.
- “Accountant who?” Memes poking fun at no longer having to worry about complicated tax calculations were ubiquitous.
Coping with Laughter: Market Humor and Money Stress
The best antidote to financial stress is humor. The memes represented a collective sigh of relief from the middle-class. The evenings creativity and humor showed just how important this tax relief is for people on the ground.
Examples of Viral Memes:
- One popular meme showed a person theatrically tossing their old tax documents into a bonfire.
- Another featured a dancing, happy cartoon character, with the text “Me after hearing news of the ₹12L tax exemption”.
- And there were plenty of memes about TV shows and movies, remixed to fit the tax relief situation.
There is a reason to celebrate: major features of the new tax regime
According to the revised New Income Tax Regime 2025, persons making upto ₹12 lakh will be free from paying income tax. This limit for tax-free income goes up to ₹12.7 lakh with the standard deductions. To date, this measure should increase disposable incomes and aim for the potential boost in consumption of the middle class.
Here’s a breakdown of the new tax rates for incomes above this threshold:
If you earn up to ₹12 lakh (at a deemed gross taxable income of ₹12.6 lakh), your tax liability is now zero under the new tax regime. But if you earn somewhat more, your tax bill will be lower than before. Here’s a quick breakdown:
- ₹12 lakh and below → No tax
- ₹12-16 lakh → 15% tax
- ₹16-20 lakh → 20% tax
- ₹20-24 lakh → 25% tax
- ₹24 lakh and above → 30% tax
Since tax policies are relatively simple, individuals can easily plan their finances accordingly.
The Economy Gets a Boost
Domain experts say these changes will motivate the taxpayer and allow more disposable income for the middle class. Vimal Nadar, Colliers India Head of Research said, this move is a step in the right direction to incentivise taxpayers to embrace the new regime that will further spur consumption across sectors, including real estate.
Kunal Shah, Founder of CRED, stated that the new income tax limits can boost consumption spending among Gen Z populace significantly and many agree with this thought process as this relief in tax will indeed thrive the economy due to trade-off with common taxpayers’ burden.
Benefits and Impact
The proposals will cost the government about ₹1 lakh crore towards direct taxes, it is estimated. But such additional disposable income is projected to spur household consumption, savings and investment. This step is in line with the Centre’s drive for a less complicated tax system, though it does away with exemptions on investments.
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