India, Feb. 1 -- Finance Minister Nirmala Sitharaman has announced a slew of measures which can significantly benefit taxpayers in the Union Budget 2025, which she presented in the parliament on Saturday, February 1, 2025.

The most prominent tax relief measure in the Budget 2025 is the exemption of income tax for all those earning up to Rs.12 lakh annually.

The Budget 2025 introduces new tax slabs. Sitharaman said, "I propose to revise tax rate structures as follows: 0 to Rs.4 Lakhs - nil, Rs.4 Lakhs to Rs.8 Lakhs - 5%, Rs.8 Lakhs to Rs.12 Lakhs - 10%, Rs.12 Lakhs to Rs.16 Lakhs - 15%, Rs.16 Lakhs to Rs.20 Lakhs - 20%, Rs.20 Lakhs to Rs.24 Lakhs - 25% and above Rs.24 Lakhs - 30%."

A tax payer in the new regime with an income of Rs.12 l...