Under the Union Budget 2025-26, up to what annual income is no personal income tax payable under the new tax regime (excluding special-rate income)?
Correct answer B. Rs 12 lakh
Explanation
The Budget presented on 1 February 2025 made income up to Rs 12 lakh tax-free under the new regime, an average of Rs 1 lakh a month, forgoing about Rs 1 lakh crore in revenue.
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