One Crore Taxpayers to Benefit from Revised Tax Slabs

New Delhi- Union Finance Minister Nirmala Sitharaman announced during her post-Budget press conference that about one crore taxpayers would benefit from the increased tax exemption limit, which has been raised from Rs 7 lakh to Rs 12 lakh under the new tax regime.

The Finance Minister emphasized that these changes in the Union Budget 2025-26 would leave more money in taxpayers' hands, with individuals earning up to Rs 12 lakh annually now exempt from paying any income tax.

Comparing the current tax structure with the UPA era in 2014, Sitharaman highlighted several key differences. She pointed out that taxpayers earning Rs 8 lakh annually, who paid Rs 1 lakh in taxes in 2014, would now pay no tax at all. Similarly, those earning Rs 24 lakh per year would now pay Rs 3 lakh in tax compared to Rs 5.6 lakh in 2014, resulting in Rs 2.6 lakh more disposable income for such taxpayers.

The Finance Minister also addressed concerns about capital expenditure, asserting that there had been no reduction in public spending on infrastructure development. She reaffirmed the government's commitment to the Viksit Bharat goal and outlined various initiatives being undertaken to achieve this vision of a developed India.