Budget 2025: The central government has made the middle class very happy with the budget. Finance Minister Nirmala Sitharaman made the most significant announcement of this year: The government has now made annual income up to Rs 12 lakh tax-free.
This is considered the most significant announcement to date, which will benefit crores of taxpayers in the country. The government has also not made any changes in the new tax slab. No, there will be no tax on income from 0 to 4 lakh. This limit was earlier Rs 3 lakh, which has now been increased by one lakh. The government has made the middle class very happy by reducing the tax burden.
Know the new regime tax slab
While reading the budget speech, Finance Minister Nirmala Sitharaman said big announcements were made for the middle class. She has released taxes in the new regime. No tax will be levied on incomes of 0-4 lakhs. There will be a provision of 5 percent tax on annual revenue of 4-8 lakh rupees. There is a is a per per cent cent tax on income of 8-12 lakh rua peeper per cent tax the the slate b on the income of 12-16 lakhs.
If your income is 1annual 6 to 20 bbetween16 andpees per year, ou must pay 20 per cent tax.Twenty-five5 per cent An additional tax will be levied on annual income of 2 incomes between 20 andpees. Apart from Inthata, the tax will be levied on income from incomesakhs.
An earlier tax of up to 7 lakhs was waived
Earlier, the government had exempted income of 0 to 3 lakh rupees from tax. A 5per cent tax was levied on the income of 3 to 7 lakhs. But after the tax of Rs 20,000 was waived off, the middle class did not have to pay any tax on the income of Rs 7 lakh. No,w this limit has been increased to Rs 12 lakh.
For the first time in the budget, the middle class has received a gift. The tax limit was only Rs 2.50 lakh, but since the Modi government has continuously increased its formation, it has been growing continuously.