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Modi government's big gift to the middle class, income up to 12 lakhs tax-free
Union Budget 2025: Union Finance Minister Nirmala Sitharaman has made a big announcement for the middle class. The Finance Minister announced that income up to 12 lakhs will be tax-free. There was a demand for increasing the tax-free income limit for the last several years. It was estimated that income up to 10 lakhs would be tax-free in this year's budget. However, the Modi government has given great relief to the common man by making income up to 12 lakhs tax-free. This exemption will be available in the new tax system.
The Union Finance Minister said on this occasion that the common man has made a big contribution in our journey towards a developed India. Now those with income up to 12 lakhs will not have to pay any tax. That is, if you have invested, you will not have to pay any tax up to 12 lakhs.
If your income is more than 24 lakhs, you will have to pay 30 percent tax. Similarly, if you have not invested, you will have to pay 5 percent tax on 5 to 8 lakhs. Also, there will be no tax up to 4 lakhs.
The Union Finance Minister said in his speech that taxpayers with an annual income of up to 18 lakhs will save Rs 70,000. While taxpayers with an annual income of up to 25 lakhs will save Rs 1.10 lakh. The ITR and TDS limits have been increased and the Finance Minister has also announced an increase in tax concessions for senior citizens.
What will change?
According to the announcement made by the Union Finance Minister, taxpayers whose income is less than 12 lakhs will get 100 percent exemption in income tax. However, taxpayers whose taxable income is more than 12 lakhs will have to pay tax at all stages.
These taxpayers will have to pay zero tax up to Rs 4 lakh, 5 percent from Rs 4 to 8 lakh, 10 percent from Rs 8 to 12 lakh, 15 percent from Rs 12 to 16 lakh, 20 percent from Rs 16 to 20 lakh, 25 percent from Rs 20 to 24 lakh and 30 percent more on taxable income above Rs 24 lakh.
Union Budget 2025: Union Finance Minister Nirmala Sitharaman has made a big announcement for the middle class. The Finance Minister announced that income up to 12 lakhs will be tax-free. There was a demand for increasing the tax-free income limit for the last several years. It was estimated that income up to 10 lakhs would be tax-free in this year's budget. However, the Modi government has given great relief to the common man by making income up to 12 lakhs tax-free. This exemption will be available in the new tax system.
The Union Finance Minister said on this occasion that the common man has made a big contribution in our journey towards a developed India. Now those with income up to 12 lakhs will not have to pay any tax. That is, if you have invested, you will not have to pay any tax up to 12 lakhs.
If your income is more than 24 lakhs, you will have to pay 30 percent tax. Similarly, if you have not invested, you will have to pay 5 percent tax on 5 to 8 lakhs. Also, there will be no tax up to 4 lakhs.
The Union Finance Minister said in his speech that taxpayers with an annual income of up to 18 lakhs will save Rs 70,000. While taxpayers with an annual income of up to 25 lakhs will save Rs 1.10 lakh. The ITR and TDS limits have been increased and the Finance Minister has also announced an increase in tax concessions for senior citizens.
What will change?
According to the announcement made by the Union Finance Minister, taxpayers whose income is less than 12 lakhs will get 100 percent exemption in income tax. However, taxpayers whose taxable income is more than 12 lakhs will have to pay tax at all stages.
These taxpayers will have to pay zero tax up to Rs 4 lakh, 5 percent from Rs 4 to 8 lakh, 10 percent from Rs 8 to 12 lakh, 15 percent from Rs 12 to 16 lakh, 20 percent from Rs 16 to 20 lakh, 25 percent from Rs 20 to 24 lakh and 30 percent more on taxable income above Rs 24 lakh.
The Union Finance Minister said on this occasion that the common man has made a big contribution in our journey towards a developed India. Now those with income up to 12 lakhs will not have to pay any tax. That is, if you have invested, you will not have to pay any tax up to 12 lakhs.
If your income is more than 24 lakhs, you will have to pay 30 percent tax. Similarly, if you have not invested, you will have to pay 5 percent tax on 5 to 8 lakhs. Also, there will be no tax up to 4 lakhs.
The Union Finance Minister said in his speech that taxpayers with an annual income of up to 18 lakhs will save Rs 70,000. While taxpayers with an annual income of up to 25 lakhs will save Rs 1.10 lakh. The ITR and TDS limits have been increased and the Finance Minister has also announced an increase in tax concessions for senior citizens.
What will change?
According to the announcement made by the Union Finance Minister, taxpayers whose income is less than 12 lakhs will get 100 percent exemption in income tax. However, taxpayers whose taxable income is more than 12 lakhs will have to pay tax at all stages.
These taxpayers will have to pay zero tax up to Rs 4 lakh, 5 percent from Rs 4 to 8 lakh, 10 percent from Rs 8 to 12 lakh, 15 percent from Rs 12 to 16 lakh, 20 percent from Rs 16 to 20 lakh, 25 percent from Rs 20 to 24 lakh and 30 percent more on taxable income above Rs 24 lakh.
