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 - in a major relief to the middle class which has often bore the brunt of the higher taxes.

"Government proposes nil tax on Income up to Rs.12 lakh per annum under New Tax Regime," Nirmala Sitharaman said. "Income tax payers with annual income of Rs.12 lakh will get benefit of Rs.80,000," the finance minister said. Check Income Tax Budget 2025 LIVE Updates

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 periodical...