Sat Feb 01 12:33:11 UTC 2025: ## Massive Tax Relief for Middle Class Highlights India’s Union Budget 2025
**New Delhi** – Finance Minister Nirmala Sitharaman today unveiled India’s Union Budget 2025, offering significant tax breaks for the middle class and heralding a new era in income tax legislation. The budget, totaling ₹50,65,345 crore (a 7.4% increase over the current fiscal), focuses on boosting savings and investment.
A key highlight is the substantial reduction in income tax. Individuals earning ₹12 lakh or less will pay no income tax under the new tax regime, resulting in savings of up to ₹80,000. Those earning ₹24 lakh or more can expect to save approximately ₹1.10 lakh. These changes aim to alleviate the financial strain caused by rising prices and stagnant wages.
The government will introduce a new Income Tax bill next week, replacing the existing 1961 act.
Prime Minister Narendra Modi praised the budget as a “people’s budget,” emphasizing its potential to stimulate economic growth by increasing disposable income and encouraging investment. The budget, he stated, strengthens the foundation for increased savings and fosters greater citizen participation in national development.
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