Budget Speech Unveils Tax Relief for Middle Class
In her budget speech, Finance Minister Nirmala Sitharaman announced a significant income tax relief for the middle class. The new tax regime features an enhanced standard deduction, rising from ₹50,000 to ₹75,000. This adjustment is projected to benefit numerous taxpayers by lowering their taxable income and enabling them to save more.
Stock Market Plunge Follows Budget Announcement
However, the budget announcement triggered a negative response in the stock markets. Post the budget presentation, major stock market indices witnessed a substantial decline. The Sensex index fell by over 500 points, demonstrating the market’s reaction to the new tax policies and other budgetary provisions.
