Srinagar, Feb. 2 -- Finance Minister Nirmala Sitharaman on Saturday gave major relief to the middle class by raising exemption limit and rejigging slabs and proposed zero tax for income groups for upto Rs 12 lakhs."I am now happy to announce that there will be no income tax payable up to income of Rs 12 lakh (i.e. average income of Rs 1 lakh per month other than special rate income such as capital gains) under the new regime. This limit will be Rs 12.75 lakh for salaried tax payers, due to the Standard Deduction of Rs 75,000," Finance Minister Nirmala Sitharaman said while presenting the Union Budget for 2025-26 in Lok Sabha.The higher exemptions and rejigs have been effected under the new income tax regime."The new structure will substan...