New Delhi, Feb. 1 -- Union Finance Minister Nirmala Sitharaman on Budget 2025 announced that there will be no income tax on income upto Rs.12 lakh. This will be done by raising the limit of tax rebate which stands at Rs.25,000 to Rs.60,000.

Salaried taxpayers are now entitled to claim standard deduction of Rs.75,000 which means even if their income is upto Rs.12.75 lakh, they wont have to pay any income tax.

"To tax payers upto Rs.12 lakh of normal income (other than special rate income such as capital gains) tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them," she said during her speech.

"This means tax rebate under 87A which was Rs.25,000 has been r...