Tax relief brings cheer, but savings could take a hit

After years of measured, evolutionary changes to India's tax structure, Budget 2025 has delivered a big bang and exactly what the middle class has been yearning for. The Finance Minister's announcement of raising the tax-free income threshold to Rs 12 lakh under the new regime, effectively Rs 12.75 lakh with the standard deduction for salaried individuals, represents the most significant tax relief in living memory.