New Delhi: In a major relief for common man, Finance Minister Nirmala Sitharaman on Saturday announced that there will be no tax payable on income upto Rs 12 lakh a year, up from Rs 7 lakh till now.
"I am now happy to announce that there will be no income tax payable upto income of Rs 12 lakh," Sitharaman said.
Sitharaman said that the Middle class provides strength for India's growth.
"This government under the leadership of Prime Minister Narendra Modi has always believed in the admirable energy and ability of the Middle class in nation building. In recognition of their contribution, we have periodically reduced their tax burden," she said.
She said that right after 2014 the Nil tax slab was raised to Rs 2.5 lakhs which was further raised to Rs 5 lakh in 2019 and to Rs 7 lakh in 2023.
"This is reflective of our government's trust on Middle Class taxpayers," Sitharaman said.
