New Delhi, Jan. 30 -- As Budget 2025 draws near, middle-class taxpayers are looking forward to possible income tax revisions that could provide much-needed relief. In her eighth straight budget, will Finance Minister Nirmala Sitharaman make any announcements that will majorly impact the middle class by increasing their disposable income and promoting long-term financial growth? All eyes will be on Saturday, February 1, as the nation looks to see how the Budget addresses these key concerns.

The standard deduction is a fixed sum that can be subtracted from taxable income-a larger deduction results in lower taxable income, which eventually lowers taxes.

Let's use a straightforward example to try to grasp this: Suppose you earn Rs.10,000,00...