What does no income tax up to ₹12 lakh really mean? Decoding differences between tax rebate, deduction & exemption
In the Union Budget 2025, Finance Minister Nirmala Sitharaman mentioned that the ‘nil income tax’ slab would be raised to ₹12 lakh; however, it is often misunderstood as a tax exemption or tax deduction. Here’s what it really means. What did FM Nirmala Sitharaman say? “To taxpayers up to Rs12 lakh of normal income (other…