NEW DELHI, FEBRUARY 01, 2025: Good news to the taxpayers as Union Finance Minister Nirmala Seetharaman has announced zero income tax till Rs 12 lakh income under the New Tax regime during the presentation of the union Budget for the year 2025-26 in parliament on Saturday.
The Union Minister said that the slabs and rates are being changed across the board to benefit all taxpayers. The New structure substantially reduces the middle class’s taxes and leaves more money in their hands, boosting household consumption, savings and investments.
The ‘Nil tax’ slab up to Rs 12 lakh (Rs 12.75 lakh for salaried tax-payers with a standard deduction of Rs 75,000).
