Income Tax Budget 2025 LIVE: Zero income tax up to ₹12 lakh in new tax regime; TDS and TCS tweaks in FM's budget.
Income tax Budget 2025 LIVE: In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman announced significant changes to the income tax structure, particularly under the new tax regime. The tax slabs have been adjusted to benefit low- and middle-income taxpayers.s
Income tax Budget 2025 LIVE: In her budget statement, Finance Minister Nirmala Sitharaman declared that under the new tax system, those earning up to ₹12 lakh would not be obliged to pay taxes. For incomes up to ₹12 lakh ( ₹12.75 lakh for salaried taxpayers with a basic deduction of ₹75,000), the new tax regime gives 0% income tax.
The government has established new tax slabs to significantly lower middle-class taxes and give them more money, which will increase household consumption, savings, and investment.
Income tax slab changes budget 2025: The tax slabs and rates are as follows
0-4 lakh rupees: Nil
4-8 lakh rupees: 5%
8-12 lakh rupees: 10%
12-16 lakh rupees: 15%
16-20 lakh rupees: 20%
20-24 lakh rupees: 25%
Above 24 lakh rupees: 30%
Under the new tax regime, individuals earning up to ₹12 lakh annually will not have to pay any income tax. As per the rejig, for people earning more than ₹1lahksskh per annum, there will be nil tax for income up tolahkslakpercent cent for income between ₹4 anlacksahks, 10 percent for ₹8-12 lakh, and 15 ppercentfor ₹12-16 lakh.
A 20 percent income tax will be levied on income between ₹16 and 20 lakhs 25 percent on ₹20-24 lakh, nd 30 percent above ₹24 lacks per annum.
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