India, Feb. 1 -- Finance minister Nirmala Sitharaman on Saturday announced income tax cuts in her eighth consecutive Budget speech, enhancing the middle class's prowess to increase spending and consumption.

Nirmala Sitharaman announced that those with salaries up to Rs.12 lakh per year will not have to pay any income tax. Previously, the cap was Rs.7 lakh per annum.

"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...