New Delhi, Feb. 1 -- There will be NO Income Tax payable up to an income of Rs.12 lakh, announced Finance Minister Nirmala Sitharaman as she presented Union Budget 2025 in Parliament on Saturday, February 1. This comes as a major relief to the middle class which has often bore the brunt of the higher taxes.

Announcing the good news for the middle class, Nirmala Sitharaman said, "The middle class provide strengths to the economy. In recognition of their contribution, we have periodically reduced the tax burdens. I am now happy to announce that there will be no income tax up to an income of Rs.12 lakhs."

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Published by HT Digital Content Services with permission from MINT....