In a major relief for Indian families and individual taxpayers, the Union Budget 2025-26 introduced substantial reforms in direct taxation, ensuring that annual incomes up to Rs12 lakh are exempt from income tax under the new regime, with the effective exemption rising to Rs12.75 lakh for salaried taxpayers on account of the standard deduction. This change reaffirmed the Government’s commitment and left millions of middle-class households with higher disposable income, boosting consumption, savings, and investment