Finance minister Nirmala Sitharaman announced significant tax relief in the Union Budget, raising the nil-tax threshold to Rs 12 lakh, relieving nearly 1 crore taxpayers. She also extended the time frame for filing updated returns to 48 months.

We have heard the voice of middle class who had been complaining about their aspirations not being met despite being honest taxpayers', Sitharaman said

FM Sitharaman donned a Madhubani silk saree as she presented her eighth budget, highlighting Bihar projects. The opposition clashed over Kumbh deaths but fell silent as she announced zero tax on Rs 12L income.

Sitharaman will present the budget today at 11:00 am. The Parliamentary Budget session kicked off on January 31, 2025. The session is being conducted in two phases: the first part runs from January 31 to February 13, while the second segment is scheduled between March 10 and April 4.

Nirmala Sitharaman gave the middle class a huge boost when she declared that anyone earning up to Rs 12 lakh would not be subject to taxes.

LIVE: During the Union Budget 2025 announcements, Finance Minister Nirmala Sitharaman said that under the new tax slabs, over one crore taxpayers will be exempt from paying taxes