New Delhi, Feb. 2 -- The new tax structure announced in the Union Budget 2025-26 is expected to benefit around 5.65 crore taxpayers who fall under the income slab of Rs 4 lakh and above.

According to a report by the State Bank of India (SBI), these taxpayers will collectively save approximately Rs 1 lakh crore in taxes. The report highlighted that individuals earning between Rs 8 lakh and Rs 12 lakh per annum will gain the most from these changes.

It said "The new tax structure would benefit approximately of total 5.65 crore taxpayers (above Rs 4 lakh tax slab) with total tax savings amounting to majestic approx. Rs 1 lakh crore".

The SBI report further estimated that this tax savings will lead to a significant increase in consumption....