Sitharaman Presents Significant Tax Relief in Union Budget 2025, Boosts Salaried Middle Class

New Delhi, January [Insert Date] - In a move aimed at providing relief to the salaried middle class suffering from high prices and stagnant wages, Union Finance Minister Nirmala Sitharaman presented the Union Budget for the third term of the Bharatiya Janata Party (BJP)-led government on Saturday.

The budget proposes significant tax breaks for individuals with higher income levels. Those earning an annual income of Rs 24 lakh or more can now save up to Rs 1.10 lakh in income tax, while those earning up to Rs 12 lakh will not have to pay any tax. This translates to a benefit of around Rs 80,000 for the latter category. The government also plans to introduce a new Income Tax bill in Parliament next week, replacing the six-decade old Income Tax Act of 1961.

According to the Union Budget 2025-26, the expenditure is estimated at Rs 50,65,345 crore, an increase of 7.4% over the current fiscal. The government has set aside Rs 47.16 lakh crore for expenditure in the revised estimates for the previous year.

Prime Minister Narendra Modi praised the union budget as a "people's budget", emphasizing that it puts more money in the hands of citizens and will serve as a force-multiplier to boost investments and drive growth. He noted that this budget lays a strong foundation to encourage savings and render citizens partners in development.

Live updates from the budget announcements are being watched closely by economists, policymakers, and the common public alike, who hope this move will provide much-needed relief to the struggling middle class.

[Update will be added here as it is a live update]