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The Finance Minister said that now there will be no income tax on income up to Rs 12 lakh. When standard deduction is also added to this, then there will be no tax on taxable income of Rs 12.75 lakh for salaried people. The Finance Minister has said that this decision will help in reducing taxes on the middle class to a great extent. They will have an opportunity to leave more money, increase domestic consumption, savings and investment.
