New Delhi, Feb. 3 -- Presenting the Union Budget 2025-26 in the Indian Parliament, Union Finance Minister Nirmala Seetharaman announced that there will be no Income Tax On Annual Income up to Rs. 12 Lakh Under New Tax Regime.

Giving the good news to tax payers, the Finance Minister stated, "There will be no income tax payable up to income of Rs. 12 lakhs (i.e. average income of Rs.1 lakh per month other than special rate income such as capital gains) under the new regime. This limit will be Rs.12.75 lakh for salaried tax payers, due to standard deduction of Rs. 75,000." 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 added.

The revised tax slab...