Amit Shah: Proposed tax exemption will boost middle-class financial well-being

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North News

New Delhi, February 1

Home Minister Amit Shah has praised the newly proposed tax exemption, stating it will significantly enhance the financial well-being of the middle class. In his post on X previously known as Twitter on Saturday, Shah remarked: “The middle class is always in Prime Minister Modi’s heart. Zero Income Tax till ₹12 lakh income. The proposed tax exemption will go a long way in enhancing the financial well-being of the middle class. Congratulations to all the beneficiaries on this occasion.” Union Finance Minister Nirmala Sitharaman, while presenting the Union Budget for 2025, revealed that no income tax will be levied for earnings up to ₹12 lakh under the new regime. For those earning more than ₹12 lakh per annum, the tax structure has been adjusted as follows: no tax on the first ₹4 lakh, 5% for income between ₹4 lakh and ₹8 lakh, 10% for ₹8 lakh to ₹12 lakh, and 15% for income between ₹12 lakh and ₹16 lakh. Tax rates increase further with a 20% levy on income between ₹16 lakh and ₹20 lakh, 25% for ₹20 lakh to ₹24 lakh, and 30% for those earning above ₹24 lakh annually.