Loud cheer, thumbs in Parliament as Nirmala Sitharam announces mega income tax relief

Loud cheers erupted in Parliament as Finance Minister Nirmala Sitharaman announced significant income tax relief in her budget speech. Under the new tax regime, individuals earning up to Rs 12 lakh will be exempt from income tax. Additionally, salaried taxpayers will benefit from a standard deduction of Rs 75,000, effectively making income up to Rs 12.75 lakh tax-free. The revised tax slabs bring substantial relief to middle-class earners.