Central Finance Minister Nirmala Sitharaman announced in the budget that those earning up to Rs 12 lakh per year will not have to pay tax.
Central Finance Minister Nirmala Sitharaman, who presented the Central Budget in Parliament, announced that the income tax ceiling has been increased to Rs 12 lakh.
Following the announcement, which was a huge relief for the middle class, ruling party members including Prime Minister Modi applauded.
In the last Budget 2023, the personal income tax ceiling was increased to Rs 7 lakh, but now it has been announced to be Rs 12 lakh.
The tax exemption ceiling for senior citizens has been increased to Rs 1 lakh, while it was Rs 50 thousand.
It is noteworthy that this will allow an additional deduction of up to Rs 75,000 in the personal income tax ceiling.
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