Finance Minister Nirmala Sitharaman is currently presenting the Union Budget for the fiscal year 2025-26, and a major announcement has been made regarding income tax exemptions. The Finance Minister revealed that the income tax exemption threshold has been raised from Rs 7 lakh to Rs 12 lakh.
This significant change means that taxpayers earning up to Rs 12 lakh annually will not be required to pay any taxes, a move aimed at providing significant relief to middle-income earners.
Alongside this, the Finance Minister also introduced new tax slabs as part of a broader tax overhaul. Sitharaman emphasized the government’s growing trust in taxpayers, highlighting that these reforms are designed to ease the financial burden and encourage economic growth.
