No Income Tax Up to 12 Lakh 

Individuals earning up to ₹12 lakh annually will not be liable for income tax, a significant increase from the previous limit of ₹7 lakh.

This policy aims to provide substantial financial relief to the middle class, enhancing their disposable income and overall financial well-being.

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With no tax burden, taxpayers are expected to have more disposable income, which could lead to increased spending and consumption in the economy.

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The exemption limit has seen a progressive rise over the years, reflecting a shift in government policy towards greater tax relief for individuals.

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The government anticipates that this measure will stimulate economic growth by encouraging savings and investments among taxpayers.

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1. The budget also includes increased tax deductions for senior citizens, raising the limit on interest income deductions from ₹50,000 to ₹1 lakh.

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This move simplifies the tax structure for individuals, making it easier to understand and comply with tax regulations.

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By reducing the tax burden, the government aims to boost consumer confidence, which is crucial for economic recovery and growth.

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