‘No Income Tax On Income Up To Rs 12 lakh in New Tax Regime’: FM Sitharaman’s Major Relief To Indian Middle Class In Union Budget 2025-26
New Delhi, February 01, 2025.
Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 in Lok Sabha on Saturday, her eighth consecutive budget. As was anticipated, she offered a major relief to the middle class, announcing that those earning up to Rs 12.75 lakh in a year would not have to pay any taxes. Sitharaman also altered tax slabs for people earning above this threshold to help save up to Rs 1.1 lakh in taxes for those with income up to Rs 25 lakh in a year. The tax cuts, which will cost the exchequer about Rs 1 lakh crore, will benefit 6.3 crore people, or more than 80 per cent of taxpayers, who earn up to Rs 12 lakh a year.
"The new structure will substantially reduce taxes on the middle class and leave more money in their hands, boosting household consumption, ...
