New tax structure to benefit 5.65 cr taxpayers, will collectively save around Rs 1 L cr in taxes: SBI

The Union Budget 2025-26 introduces significant tax relief for approximately 5.65 crore taxpayers, projected to save Rs 1 lakh crore collectively. Taxpayers earning Rs 8-12 lakh will benefit most. Higher disposable income is expected to boost consumption by Rs 3.3 lakh crore, driving economic growth. The updated income tax return filing deadline extended to 48 months.