Quick Summary
Major updates in the new Income Tax Bill 2025, which will be effective from 1st April 2026. Income Tax Slab Up to ₹4 lakh: Nil ₹4 lakh to ₹8 lakh: 5% ₹8 lakh to ₹12 lakh: 10% ₹12 lakh to ₹16 lakh: 15% ₹16 lakh to ₹20 lakh: 20% ₹20 lakh to ₹24 lakh: 25% Above ₹24 lakh: 30%. Full rebate
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FAQ :
The major updates in the new Income Tax Bill 2025 will be effective from 1st April 2026.
The new tax slabs are: Up to £4 lakh: Nil; £4 lakh to £8 lakh: 5%; £8 lakh to £12 lakh: 10%; £12 lakh to £16 lakh: 15%; £16 lakh to £20 lakh: 20%; £20 lakh to £24 lakh: 25%; Above £24 lakh: 30%.
For non-senior citizens, the threshold for TDS exemption on bank interest has increased from £40,000 to £50,000. For senior citizens, it has been raised from £50,000 to £1 lakh.
The time to file updated returns has been extended to 48 months from the original 24 months, with additional tax rates applying based on the delay.
Yes, the deduction for eligible startups under section 80-IAC is extended till March 31, 2030, and registration validity for Charitable Trusts & Institutions has increased from 5 to 10 years.
All cryptocurrency transactions, including buying and selling activities, must now be reported to the IT Department.
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