Middle Class Always Close to PM Modi’s Heart: Amit Shah on Tax Exemption
Union home minister Amit Shah, applauding the tax cuts in the Union Budget 2025 today, said the middle class is always in PM Modi’s heart.
Pointing to the rejig of the tax brackets that has given a complete exemption to people with an annual income of Rs 12 Lakh, he said it will go a long way towards enhancing the financial well-being of the middle class.
“Congratulations to all the beneficiaries on this occasion,” he added in a post on X, formerly Twitter.
Union Finance Minister Nirmala Sitharaman, presenting the Union Budget 2025 today, made the big announcement, saying there will be no income tax payable up to Rs 12 lakh – i.e., up to Rs 12.75 lakh including standard deductions – under the new tax regime.
Under the revised slabs, tax on income up to Rs 4 lakh is nil; between Rs 4 and Rs 8 lakh the tax will be five per cent; between Rs 8 and Rs 12 lakh it will be 10 per cent.
Between Rs 12 lakh and Rs 16 lakh it will be 15 per cent, between Rs 16 lakh and Rs 20 lakh it will be 20 per cent and between Rs 20 lakh and Rs 24 lakh it will be 25 per cent. pm
Income above Rs 24 lakh will be in the 30 per cent tax bracket. (Agencies)
