New Delhi, Feb. 1 -- Union Finance Minister Nirmala Sitharaman on Saturday presented the Union Budget for fiscal year (FY) 2025-26, setting the stage for transformative economic reforms, and massive relief to taxpayers with a key focus on farmers, the poor, and middle class amongst others.

According to the latest budget, the tax-free income limit has been increased to Rs 12 lakh under the new tax regime, which will offer huge relief to middle class.

Similarly, salaried individuals can now earn up to Rs 12.75 lakh without paying any income tax, thanks to a standard deduction of Rs 75,000.

For those earning Rs 16 lakhs, Rs 18 lakhs, Rs 20 lakhs, Rs 25 lakhs, and Rs 50 lakhs, the effective tax rates have been reduced to 7.5%, 8.8%, 10%, 1...