Finance Minister Nirmala Sitharaman reveals income tax cuts for the middle class, raising exemption thresholds and benefiting millions of taxpayers.

The income tax relief would be available only in the new tax regime, which means foregoing other exemptions like insurance, and housing loan. The tax rate will also not be applicable on other incomes

India plans to cut personal income tax rates to boost middle-class spending power, Finance Minister Nirmala Sitharaman said on Saturday, as she announced an annual budget that also sought to increase private investment to strengthen growth.