In her first budget for the third term of the Narendra Modi-led NDA government, Union Finance Minister Nirmala Sitharaman announced the seventh consecutive Union Budget. Key changes in the income tax system were introduced, focusing on relief for salaried individuals and pensioners, while fostering the start-up ecosystem.
To provide relief, the budget proposes raising the standard deduction for salaried employees from ₹50,000 to ₹75,000. Additionally, the family pension deduction for pensioners will increase from ₹15,000 to ₹25,000. These adjustments are projected to benefit approximately 4 crore individuals.
