The Union Budget proposes adjusting tax slabs under the new tax regime and increasing the standard deduction from Rs 50,000 to Rs 75,000. With this higher deduction, individuals with an annual income of up to Rs 7.75 lakh could pay no tax. Finance Minister Nirmala Sitharaman stated that these changes could help salaried employees save up to Rs 17,500 in income tax, as the new regime already offers lower tax rates compared to the old regime.
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