India, Feb. 1 -- Union finance minister Nirmala Sitharaman on Saturday presented the Union Budget 2025-2026 in the Parliament and introduced a massive relief for income tax payers.

In a historic announcement, the finance minister announced that there will be no income tax payable for those with an income upto Rs.12 lakh.

"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%. To taxpayers up to Rs.12 Lakhs of normal income other than special rate income such as capital gains, a tax rebate is being provided in addition to the b...