New Delhi, Feb. 1 -- The big-ticket announcement by Finance Minister Nirmala Sitharaman regarding the income tax slab for an income up to Rs 12 lakh has brought wide cheers to the faces of the middle-class and taxpayers.

By bringing down their tax liability to nil, FM Sitharaman unveiled the bonanza at a time when they least expected it. However, these changes are applicable only to the New Tax Regime.

Under the proposed budgetary changes in Union Budget 2025-26, those with an income of up to Rs 12 lakh will no longer have to pay any income tax, a significant shift from the previous practice where they had to pay anywhere between Rs 60,000 - Rs 80,000.

"The New tax regime is the default regime. To avail benefits of the rebate allowable...