New Delhi: After presenting the Union Budget, Finance Minister Nirmala Sitharaman described it by quoting Abraham Lincoln, "by the people, for the people, of the people". The budget aims to alleviate the middle class's long-standing concerns.Also Read: Tamil Nadu: 7 students fall ill after dead lizard found in school lunch; 3 cooks suspendedThe revised tax slabs under the new regime bring significant relief to those earning up to Rs 12 lakh, with their income tax liability now being virtually zero. This move is expected to benefit nearly 1 crore people, resulting in a revenue loss of Rs 1 lakh crore to the exchequer.The government has also increased the threshold for Tax Collected at Source (TCS) on overseas remittances from Rs 7 lakh to Rs 10 lakh, which aids overseas travel and other international expenses. In addition to this, payments for educational purposes through loans from specified financial institutions, will be exempt from TCS.Taxpayers have been given an extended window to rectify errors in their tax filings, with the time limit for filing an updated return increased from 24 months to 48 months. However, additional tax and interest will have to be paid on these corrections, cumulatively reaching 70% of the unpaid dues.According to Sitharaman, Prime Minister Narendra Modi was fully supportive of tax cuts, but bureaucratic hurdles delayed the decision. The finance minister acknowledged that the government has heard the voice of the middle class and has taken steps to address their concerns.