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Budget 2025: No Income Tax Up to ₹12 Lakh, New Tax Slabs Announced

In a major relief for the middle class, Finance Minister Nirmala Sitharaman announced that under the new tax regime, no income tax will be payable on income up to ₹12 lakh (₹12.75 lakh including standard deductions). This move, accompanied by enthusiastic support from BJP MPs, aims to increase disposable income, boost household savings, and encourage investment.

The revised tax slabs under the new regime are:

  • Up to ₹4 lakh – No tax
  • ₹4 to ₹8 lakh – 5%
  • ₹8 to ₹12 lakh – 10%
  • ₹12 to ₹16 lakh – 15%
  • ₹16 to ₹20 lakh – 20%
  • ₹20 to ₹24 lakh – 25%
  • Above ₹24 lakh – 30%


Additionally, TDS (Tax Deducted at Source) rates will be rationalized, and the tax deduction limit for senior citizens will be doubled to ₹1 lakh. The government has also extended the deadline to file updated returns to four years.

A new Direct Tax Code will be introduced next week, aiming to simplify tax compliance. Expected changes include the elimination of financial year and assessment year concepts, taxation on certain LIC policies, and a standardized 15% tax on dividend income.

With these reforms, Budget 2025 seeks to ease tax burdens, enhance compliance, and fuel economic growth for Indian taxpayers.

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