Budget 2025: Government's big tax bonanza for taxpayers

Finance Minister Nirmala Sitharaman, in her budget speech, announced that under the new tax regime, taxpayers with salaries up to Rs12 lakh will be exempt from income tax. Additionally, salaried individuals can benefit from a Rs 75,000 standard deduction, effectively making income up to Rs 12.75 lakh tax-free. This means that those earning a salary of up to Rs 12.75 lakh will not be required to pay any income tax.