New Delhi, Feb. 1 -- Budget 2025 Finance Minister Nirmala Sitharaman presented the union budget in Parliament on Saturday, with steps aimed to woo the salaried middle class with tax cuts. In a booster dose for the middle class, she announced an exemption from income tax for those earning up to Rs.12 lakh. This limit will be Rs.12.75 lakh for salaried taxpayers, counting Rs.75,000 of the standard deduction.

Income Tax Budget 2024 Live

The government has raised the Section 87A rebate limit from Rs.7 lakh to Rs.12 lakh, providing major tax relief to the middle class. Salaried individuals can also claim a Rs.75,000 standard deduction, making incomes up to Rs.12.75 lakh tax-free.

Rs.0 - Rs.4 lakh → No Tax

Rs.4 lakh - Rs.8 lakh →...