New Delhi, Feb. 1 -- Budget 2025 Income Tax Changes: Finance Minister Nirmala Sitharaman proposed sweeping tax reforms for the middle class in the Budget 2025. From zero tax on income of up to Rs.12 lakh to cutting the income tax rates proposed in the new tax regime, Budget 2025 came as a much needed relief for the India's middle class.

Taxpayers with a normal income (excluding special rate income like capital gains) of up to Rs.12 lakh will have no tax liability due to a rebate and reduced slab rates. Those earning Rs.12 lakh will receive a tax benefit of Rs.80,000, which covers 100% of their tax payable under existing rates. For an income of Rs.18 lakh, the benefit is Rs.70,000, covering 30% of the tax payable. Similarly, a person earn...