Bhubaneswar: Odisha Chief Minister Mohan Charan Majhi hailed Centre's initiative of zero income tax till 12 lakh under the New Tax Regime in Union Budget 2025. 

Expressing gratitude to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for the revised tax rate structure under new tax regime, he termed it a visionary step that would benefit all taxpayers especially middle class. 

"A heartfelt thank you to Hon'ble PM Shri @narendramodi Ji and Hon'ble Finance Minister @nsitharaman ji for this transformative initiative of Zero Income Tax till ₹12 Lakh under the New Tax Regime.  

This visionary step empowers citizens, strengthens the economy, and paves the way for brighter financial opportunities for all," Majhi said on his X handle..

Presenting the Union Budget 2025-26, Finance Minister Nirmala Sitharaman today announced that there will be no income tax payable for incomes up to Rs 12 lakh, and Rs 12.75 lakh for salaried taxpayers (including standard deduction).  

In the new tax regime, the revised tax rate structure is Rs 0-4 lakh (zero tax), Rs 4-8 lakh (5 per cent), Rs 8-12 lakh (10 per cent), Rs 12-16 lakh (15 per cent), Rs 16-20 lakh (20 per cent), Rs 20-24 lakh (25 per cent), and above Rs 24 lakh (30 per cent). 

"The new tax structure would substantially reduce tax for the middle class," announced FM Sitharaman.