India, Feb. 2 -- Sonal Khanna's eyes lit up as she calculates her tax savings for the coming year. The 32-year-old marketing professional earning Rs.15 lakh annually will save over Rs.70,000 in taxes, thanks to the most significant middle-class tax relief announced in years on Saturday.

"For years, we've watched other segments get attention. Finally, it's our turn," said Khanna, echoing the sentiment of millions of salaried professionals across India who received a major boost when Union finance minister Nirmala Sitharaman, while presenting the budget, announced zero tax up to Rs.12 lakh annual income, which extends to Rs.12.75 lakh with standard deduction for salaried individuals.

The sweeping reform represents the biggest overhaul of ...