Finance Minister Nirmala Sitharaman began her eighth consecutive budget presentation on February 1, 2025, emphasizing the government’s sustained efforts to accelerate growth, secure inclusive development, and boost household sentiment. The budget speech, presented in Parliament at 11 a.m., aims to uplift India’s economic prospects while remaining fiscally disciplined.
In a major relief for taxpayers, the new income tax regime will now exempt income up to ₹12 lakh from tax. For salaried taxpayers, this limit will be further increased to ₹12.75 lakh due to an additional deduction of ₹75,000.
Key Highlights of the New Income Tax Regime:
- Tax-free income limit: Increased to ₹12 lakh under the revised structure, offering substantial tax relief compared to previous limits.
- ₹12.75 lakh exemption for salaried individuals: This includes an automatic deduction of ₹75,000, providing additional benefits to salaried taxpayers.
