New Delhi, Feb. 1 -- The Budget 2025-26 gave relief to the middle class with regard to tax incidence and rejigged slabs.

Sitharaman announced that annual income of up to Rs 12 lakh will be exempt from I-T under the new income tax regime. For salaried taxpayers, this income threshold will be Rs 12.75 lakh after taking into account standard deduction.

It is pertinent to note that while the new tax slabs intend to minimize or eliminate taxes for those earning up to Rs 12 lakh, it does not imply a simple "no tax" rule. The tax slabs and potential rebates will determine the actual tax payable. You will need to calculate your tax based on the rebates and new slabs.

A taxpayer in the new regime with an income of Rs 12 lakh will get a benefit ...