Budget 2025 LIVE: FM exempts income tax up to Rs 12 lakh

Union Budget 2025: In a major relief for taxpayers, Finance Minister Nirmala Sitharaman has exempted income tax up to Rs 12 lakh under the new regime. This exemption limit will be Rs 12.75 lakh for salaried tax payers, due to the standard deduction of Rs 75,000. The FM also announced that a new income tax bill will be introduced next week, which will have a special focus on the middle class.