In a major relief for the middle class, Union Finance Minister Nirmala Sitharaman made an important announcement on Saturday. She revealed an increased income tax exemption for individuals earning up to ₹12 lakh annually.
This decision means people with an income below ₹12 lakh per year will no longer need to pay taxes. Sitharaman emphasized the middle class’s role in strengthening the economy. She stated, “The middle class provides strength to the economy. To recognize their contributions, we have consistently reduced their tax burdens.”
Furthermore, she added, “I am pleased to announce that there will be no income tax for earnings up to ₹12 lakh.” The announcement was made alongside Union Minister of State for Finance Pankaj Chaudhary and other officials.
This move is expected to provide significant financial relief to millions of taxpayers across the country.
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