According to Union Finance Minister Nirmala Sitharaman’s significant step under the new tax scheme, no income tax will be paid on earnings up to Rs 12 lakh or Rs 12.75 lakh including standard deductions. She gave the Union Budget 2025 on Saturday along with the proclamation.
Most of the middle class is expected to benefit from the relief, which will give them money and make the tax system more friendly for this income level. This change shows an effort to reduce their load by means of obtaining more tax relief for people in the Rs 12 lakh income range.
Though the tax relief for the middle class was one of the most anticipated, Finance Minister Sitharaman‘s Union Budget speech stated as well a several other financial measures. By encouraging both saving and consumer expenditure, the new tax provision should help the economy as a whole.
The statement is already under discussion by economists and the public; many of them are happy about the extra help and hope it will affect personal finances as well as the overall state of the market.
