Guwahati, Feb1 (IANS): Assam Chief Minister Himanta Biswa Sarma on Saturday termed the Union Budget presented by Finance Minister Nirmala Sitharaman as historic.

Taking to X, CM Sarma wrote, "What a historic day for Assam ! #UnionBudget2025 has announced a 12.7 lakh MT urea plant in Namrup, a long-standing demand of the people of Assam. After the semiconductor plant in Jagiroad, this urea facility will be a game changer for the entire North East."

"It will not only help us achieve self-sufficiency in fertiliser availability but also better channelise our natural gas resources," he added.

The Chief Minister expressed gratitude to Prime Minister Narendra Modi and Finance Minister Sitharaman for giving Assam priority in the Budget.

He stated, "On behalf of the people of Assam my heartfelt gratitude to Hon’ble Prime Minister Shri @narendramodi Ji and Hon'ble Finance Minister Smt @nsitharaman Ji."

Notably, in a boost to the Indian middle class, Finance Minister Sitharaman that there will be no income tax payable for incomes up to Rs 12 lakh, and Rs 12.75 lakh for salaried taxpayers (including standard deduction).

In the new tax regime, the revised tax rate structure is Rs 0-4 lakh (zero tax), Rs 4-8 lakh (5 per cent), Rs 8-12 lakh (10 per cent), Rs 12-16 lakh (15 per cent), Rs 16-20 lakh (20 per cent), Rs 20-24 lakh (25 per cent), and above Rs 24 lakh (30 per cent).

"The new tax structure would substantially reduce tax for the middle class," announced FM Sitharaman.

Presenting the Union Budget 2025-26, FM Sitharaman said that the tax deduction at source (TDS) rates will be rationalised and the limit for tax deduction for senior citizens will be doubled to Rs 1 lakh.

FM Sitharaman also proposed to extend the time limit to file the updated return from two years to four years.