Taxpayers earning up to Rs 12 lakh will be exempt from paying taxes: FM

New Delhi (01/02/2025): Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26, announcing several key changes.

Taxpayers earning up to Rs 12 lakh will be exempt from paying taxes.

Additionally, LED and LCD TVs, mobile phone batteries, leather goods, and lithium batteries will become cheaper due to reduced customs duties. *Key Highlights:* - *Tax Exemption*: Taxpayers earning up to ₹12 lakh are exempt from paying taxes. Customs duties on leather goods, lithium batteries, and other essential items have been reduced. A total of 36 life-saving medicines, including those for cancer treatment, have been exempted from customs duty - *Cancer Treatment*: Customs duty on cancer medicines has been reduced to make treatment more affordable. - *Healthcare*: The government plans to establish cancer care centers in every district and promote medical tourism under the "Heal in India" initiative ².