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.

Overall, the Budget focuses on providing significant benefits to the middle class by reducing the tax rates and thereby increasing the take home pay for individuals. It is clear that the Budget is aiming to further promote adoption of the new regime.

Finance Minister Nirmala Sitharaman's Budget speech announced tax exemption for salaries up to Rs 12 lakh, leading to applause and chants of 'Modi, Modi' in the BJP benches. However, opposition parties protested over the Kumbh stampede and eventually walked out.

Finance Secretary Tuhin Kanta Pandey said tax bouyancy of 1.42 is expected in next fiscal, lower than 2 in current fiscal.

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

India plans to cut personal income tax rates to boost middle-class spending power, Finance Minister Nirmala Sitharaman said on Saturday, as she announced an annual budget that also sought to increase private investment to strengthen growth.