There will be no income tax payable up to Rs 12 lakh – i.e., up to Rs 12.75 lakh including standard deductions – under the new regime, Union Finance Minister said Saturday as she read out the Union Budget 2025. In an announcement accompanied by loud cheers and enthusiastic thumping of desks by BJP MPs, led by Prime Minister Narendra Modi, she also announced revisions to the tax slabs (again, applicable to the new regime only).
