Budget 2025: The middle class of the country rejoiced after hearing the budget, salary up to 12 lakhs is tax-free; how much loss will the government incur?

Budget 2025: Finance Minister Nirmala Sitharaman has made a big announcement for taxpayers while presenting the budget today. The Finance Minister said that income up to Rs 12 lakh will be completely tax-free. The middle-class people of the country have breathed a sigh of relief with this announcement of the Finance Minister. Not only this, the government has also released the tax slab under the new tax regime. Let's take a look at this-

Tax slabs according to the new tax regime

15 percent tax on 12 lakh to 16 lakh

20 percent tax on 16 to 20 lakh

25 percent tax on 20 to 24 lakh rupees

30 percent tax above 24 lakh has been provided in the budget

How much benefit will people get on tax

A taxpayer earning up to 12 lakh will save Rs 80,000 annually on tax.

Similarly, a taxpayer earning 18 lakh will save Rs 70,000.

A person earning up to 25 lakh will save up to Rs 1,10,000 annually.

How much will it affect the government?

The government has estimated that this change in tax will affect the government's revenue. Direct taxes are estimated to have a revenue deficit of about Rs 1 lakh crore, while indirect taxes are estimated to have a revenue deficit of Rs 2,600 crore. However, it also has its benefits. If money is saved on tax, people's savings will increase. If savings increase, the country's economic development will take place and the demand for things in the market will also increase. Due to this, the government's mission to make India a developed nation by the year 2047 will also gain momentum.