Income Tax Budget 2025 Live: No income tax up to Rs 12 lakh income

Income Tax Slabs 2025 update: In a relief for the middle class and amid falling consumption and slowing GDP growth, Finance Minister Nirmala Sitharaman  announced that a person earning up to Rs 12 lakh of annual income will now have to pay zero tax under the new income tax regime. The earlier limit for nil tax was Rs 7 lakh under the new tax slab. No change was announced to the old tax regime.