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No Income Tax on Annual Income Upto Rs. 12 Lakh Under New Tax Regime
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Posted Date : 01-Feb-2025 , 05:10:20 am | Posted By CASANSAAR |
LIMIT TO BE Rs. 12.75 LAKH FOR SALARIED TAX PAYERS, WITH STANDARD DEDUCTION OF RS. 75,000
UNION BUDGET 2025-26 BRINGS ACROSS-THE-BOARD CHANGE IN INCOME TAX SLABS AND RATES TO BENEFIT ALL TAX-PAYERS
TAX 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 class and continued the trend of giving relief in tax burden to the common tax–payer. Presenting the Budget in the Parliament today, Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman proposed an across-the-board change in tax slabs and rates to benefit all tax-payers.
Giving the good news to tax payers, the Finance Minister stated, “There will be no income tax payable upto income of Rs. 12 lakh (i.e. average income of Rs.1 lakh per month other than special rate income such as capital gains) under the new regime. This limit will be Rs.12.75 lakh for salaried tax payers, due to standard deduction of Rs. 75,000.” Tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them, she added.
Smt. Sitharaman stated, “The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment”. In the new tax regime, the Finance Minister proposed to revise tax rate structure as follows:
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 |
Above 24 lakh rupees |
30 per cent |
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Source : Click here |
Category : Income Tax |
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