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LIMIT TO BE Rs. 12.75 LAKH FOR SALARIED TAX PAYERS, WITH STANDARD DEDUCTION OF RS. 75,000UNION BUDGET 2025-26 BRINGS ACROSS-THE-BOARD CHANGE IN INCOME TAX SLABS AND RATES TO BENEFIT ALL TAX-PAYERSTAX SLAB RATE REDUCTION AND REBATES TO RESULT IN SUBSTANTIAL TAX RELIEF TO MIDDLE CLASS, THEREBY BOOSTING HOUSEHOLD CONSUMPTION EXPENDITURE AND INVESTMENT Reaffirming Government's commitment to the philosophy of "trust first, scrutinize later", the Union Budget 2025-26 has reposed faith in the Middle c
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1 Year PLAN - Rs.1999
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FAQ :
Under the new tax regime, there will be no income tax payable on annual income up to Rs 12 lakh.
For salaried taxpayers, the income tax limit is effectively Rs 12.75 lakh due to the benefit of a Rs 75,000 standard deduction.
The new tax slabs and rates are: 0-4 lakh rupees Nil, 4-8 lakh rupees 5 per cent, 8-12 lakh rupees 10 per cent, 12-16 lakh rupees 15 per cent, 16-20 lakh rupees 20 per cent, 20-24 lakh rupees 25 per cent, and above 24 lakh rupees 30 per cent.
The objective is to provide substantial tax relief to the middle class, boost household consumption expenditure and investment, and simplify the tax system.
The changes were proposed by the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman.
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