Income tax rebate for middle class reduces tax liability and increases standard deduction for salaried taxpayers.
The speech projects a fiscal consolidation path while allocating additional expenditure to deliver direct income support to small and marginal farmers through Pradhan Mantri Kisan Samman Nidhi, funded by the Union Government and effective from a stated date, with specified annual outlay and initial allocations. It announces direct tax relief for middle income and salaried taxpayers (full rebate below a taxable income threshold, higher standard deduction, exemptions on notional rent for a second self occupied house, and raised TDS thresholds), expanded capital gains rollover relief for residential property, extensions to affordable housing incentives, and administrative reforms to modernise tax processing.