India, Feb. 1 -- The Government of India issued the following news release:
Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman presented the Union Budget 2025-26, in the Parliament today. A slew of Direct Tax reforms were proposed in the document with the aim to achieve good governance for the people and economy.
The objectives of the Direct Tax proposals are as follows:
Personal Income Tax reforms with special focus on Middle Class: No income tax payable upto total income of Rs. 12 lakh (i.e. average income of Rs.1 lakh per month other than special rate income such as capital gains) under the new regime. This limit will be Rs.12.75 lakh for salaried tax payers, due to standard deduction of Rs. 75,000.
Rationalizat...