India, Feb. 1 -- Giving relief to Indian taxpayers and giving a boost to consumption, Union Finance Minister Nirmala Sitharaman on Saturday announced in her budget speech that people with salaries up to 12 lakhs will not be required to pay tax in the new tax regime.

Changes in the tax slabs were also announced.

"New structure to substantially reduce taxes of middle class and leave more money in their hands, boosting household consumption, savings and investment," Nirmala Sitharaman announced in her budget speech.

As per the official announcement, people, under the new tax regime, will not need to pay tax up to Rs. 12 lakh (Rs.12.75 lakh for salaried taxpayers with standard deduction of Rs. 75,000).

The Finance Minister said, "There wi...