Srinagar, Feb. 3 -- In the recently presented budget, the finance minister has given a big relief to the middle class by eliminating income tax for those earning up to Rs 12 lakh under the new tax system. Individuals earning Rs 18 lakh will get the benefit of a tax exemption of Rs 70,000, while those earning Rs 12 lakh will get a tax exemption of Rs 80,000. Finance Minister Nirmala Sitharaman has made a remarkable impact in her first full budget during the third term of the Modi government. Earlier, only people with an annual income of up to Rs 7 lakh were exempted from income tax, but now this limit has been increased to Rs 12 lakh. Additionally, salaried individuals will get the benefit of a standard deduction of Rs 75,000, which means ...