Budget 2025: Significant Tax Cuts and Reforms to Empower Middle Class and Boost Economy | ABP NEWS

The recent Indian Union Budget presented by Finance Minister Nirmala Sitharaman brings significant tax relief to the middle class. Under the new tax regime, individuals with income up to ₹12 lakh will not have to pay any income tax. For those earning between ₹12 lakh and ₹16 lakh, the tax rate will be 15%, and it increases incrementally for higher income brackets, with a maximum of 30% for incomes above ₹24 lakh. This change represents a direct benefit, with middle-class taxpayers saving substantial amounts. Additionally, the process for tax filing has been rationalized, allowing taxpayers to file their returns once every four years. The government also introduced schemes to support women entrepreneurs and small businesses, aiming to stimulate growth in labor-intensive sectors. Key announcements include opening the atomic energy sector to private investment and approving 100% foreign direct investment in the insurance sector, further boosting economic development. The budget aims to empower the middle class and lay the foundation for a developed India by 2047.