The internet is buzzing with emotions after Finance Minister Nirmala Sitharaman announced a tax break for India's middle class on Saturday, claiming that those earning up to Rs 12 lakh will not be required to pay any income tax under the new regime. Nirmala Sitharaman, who delivered the Union Budget for 2025-26 in the Lok Sabha at 11 a.m., stated that one crore more people will pay no income tax due to an increase in the refund to Rs 12 lakh.
“The government has put a substantial amount of money in the hands of people" through income tax rate changes, she said, adding that the government has listened to the people's voices. In addition to a significant increase in the basic exemption level, she announced many plans for Bihar and altered tax slabs and rates under the new system to ease the burden on all taxpayers.
As soon as the Finance Minister announced the new tax break for the middle class, social media was swamped with memes, with many people uploading iconic comedy scenes from movies and viral films to express their joy.
"Our economy is the fastest growing among all major economies. Our development track record for the past 10 years and structural reforms have drawn global attention. Confidence in India's capability and potential has only grown in this period. We see the next 5 years as a unique opportunity to realise sabka vikas, stimulating balanced growth of all regions," she said in her speech.
Notably, Sitharaman delivered her ninth consecutive Union Budget for the fiscal year 2025–26 today. Her address, which contained major tax relief for taxpayers, lasted 1 hour and 17 minutes, which was less than last year's speech of 1 hour and 25 minutes.
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