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New Tax Regime – Changes Made in Budget 2024: Revised Slabs: The slabs have been revised in the new regime; Enhanced Standard Deduction: The standard deduction for salaried employees has been increased to Rs. 75,000 under the new regime; Family Pension: The deduction on family pension received has been increased from Rs. 15,000 to Rs. 25,000; NPS Contribution: The deduction limit on employer ...

With the start of the new financial year, many income tax changes will take effect; understanding the latest income tax slabs will help you select the tax regime that works best for you. Here are the income tax slabs under the new tax regime and old tax regime for FY 2025-26 (AY 2026-27), i.e., between April 1, 2025 and March 31, 2026.

While presenting the Union Budget 2025, Finance Minister Nirmala Sitharaman modified the income tax slabs as a part of the new tax system. For the upcoming financial year 2025–2026, the new income tax slabs as per the new tax regime will effectively apply from April 1, 2025. Under the new tax system, the income tax slabs have been through a radical transformation. In this article, we will ...

Income Level Old Regime (with deductions) New Regime (post Budget 2023) ₹7 lakh Zero tax (with full deductions) Zero tax (with rebate) ₹10 lakh ₹54,600 (with ₹2.5 lakh deductions) ₹54,000 ₹15 lakh ₹1,95,000 (with ₹4 lakh deductions) ₹1,50,000 New Tax Regime: Best for those with minimal investments, self-employed individuals ...

New Income Tax Slab Rates FY 2025-26, Revised Income Tax Slab changes Highlights: Under the new tax regime, individuals earning up to Rs 12 lakh annually will be exempt from paying income tax ...

New Revised Income Tax Slabs, Rates FAQs: The revised tax framework introduces a higher tax exemption limit of Rs 12.75 lakh and a newly structured 25% tax slab, aligning with earlier expectations.

Latest Income Tax Slabs, Rates In Budget 2025: As widely expected, Finance Minister Nirmala Sitharaman on Saturday announced huge income tax relaxations in the first full Budget of the Modi 3.0 government.Income up to Rs 12 lakh of normal income, other than capital gains income, is tax free. Here are the latest slabs and rates of income tax under the new tax regime for the financial year 2025 ...

The Union Budget 2025-26 has rejigged the new tax regime (NTR) in order to provide relief to the middle class worth Rs 1 lakh crore, while maintaining the status quo on the old tax regime (OTR). The Budget has exempted income tax on annual income up to Rs 12 lakh (from Rs 7 lakh earlier) benefitting over one crore taxpayers in the country and has reduced tax burden from others.

The Budget has revised the tax slabs for computing tax liability on income earned in 2025-26 for those with income of more than Rs 12 lakh and filing ITR under the new tax regime. Thus, under the new slab, an income of up to Rs 4 lakh will be exempt.

New Income Tax Slab: Latest income tax slabs in new tax regime in Budget 2024: The income tax slabs and rates have been changed by the finance minister in the new tax regime today. Read on to know the latest announcements made by the finance minister in Budget 2024 today.

New Income Tax Slabs under the New Regime (FY 2025–26) From April 1, 2025, the new income tax regime will be the default option. Taxpayers who wish to continue using the old regime (which allows various deductions) must opt in explicitly each financial year. ... The Budget 2024 announcement also featured some additional good news for salaried ...

The Finance Minister has introduced new tax slabs under the new tax regime for the financial year 2025-26: Income up to Rs 4 lakh: Nil tax; Income between Rs 4 lakh and Rs 8 lakh: 5%; Income between Rs 8 lakh and Rs 12 lakh: 10%; Income between Rs 12 lakh and Rs 16 lakh: 15%; Income between Rs 16 lakh and Rs 20 lakh: 20%; Income between Rs 20 lakh and Rs 24 lakh: 25%

Budget 2025 has made income up to ₹12 lakh effectively tax-free under the new tax regime. The Finance Minister increased the no-tax limit from ₹7 lakh to ₹12 lakh and introduced revised tax slabs.

The new tax regime proposed in Budget – with a tax rebate of Rs 60,000 on income up to Rs 12 lakh (and Rs 12.75 lakh for salaried people) – leaves the old tax regime, with three slabs of 5% ...

In the Union Budget 2025-26, the government announced zero tax on income up to Rs 12 lakh, apart from changing income tax slabs. The zero tax will only be applicable to individuals opting for the new tax regime in FY 2025-26. However, you still need to file an income tax return (ITR), even if your taxable salary is less than Rs 12 lakh.

Budget 2025: Union Finance Minister Nirmala Sitharaman on Saturday announced new tax slab rates under the new tax regime during her Budget 2025 speech, which will benefit taxpayers across the board.

Income Tax Slabs FY 2025-25 New versus Old Income Tax Regime: Finance Minister Nirmala Sitharaman announced significant income tax relief for the middle class in the Union Budget 2025, eliminating ...

New Delhi: In a major move to ease the tax burden on middle-class taxpayers, Union Finance Minister Nirmala Sitharaman on Saturday announced fresh tax slabs under the New Tax regime in the Union Budget 2025-26. The new tax slabs aim to provide relief to individuals earning up to Rs 12 lakh annually and the exemption limit is Rs 12.75 lakh for salaried individuals (including standard deductions).

Union Budget 2024: New tax regime slab changed; standard deduction up from 50k to 75k. 23 July 2024, 07:02 AM IST ... a salaried employee in the new tax regime stands to save up to Rs 17,500/- in ...