New Delhi: Union Finance Minister Nirmala Sitharaman announced on Saturday that no income tax will be payable up to Rs 12 lakh, or Rs 12.75 lakh including standard deductions, under the new tax regime, as she presented the Union Budget 2025.
Her announcement was met with loud cheers and enthusiastic desk-thumping from BJP MPs, led by Prime Minister Narendra Modi.
In another major update, Sitharaman also revealed revisions to the tax slabs, applicable only to the new regime. Under the revised structure, income between Rs 8 lakh and Rs 12 lakh will be taxed at 10%.
“I propose to rationalise TDS by reducing the number of rates and thresholds above which TDS is deducted. Further, threshold amounts for tax deduction will be increased for better clarity and uniformity. The limit for TDS on interest for senior citizens is being doubled for the present Rs 50,000 to Rs 1 Lakh,” she said.
📢 Zero Income Tax till ₹12 Lakh Income under New Tax Regime
▶️ Slabs and rates being changed across the board to benefit all tax-payers
▶️ New structure to substantially reduce taxes of middle class and leave more money in their hands, boosting household consumption, savings… pic.twitter.com/QzJ4nCVD0k
— PIB India (@PIB_India) February 1, 2025
“Similarly, the annual limit of Rs 2.40 Lakh for TDS on rent is being increased to Rs 6 Lakh. The threshold to collect TCS on remittances under RBI’s liberalised remittance scheme is proposed to be increased from Rs 7 Lakh to Rs Rs 10 Lakhs. I also propose to remove remittances for education purposes where such remittances is out of loan taken from a specified financial institution,” the finance minister added.
New Delhi: Union Finance Minister Nirmala Sitharaman announced on Saturday that no income tax will be payable up to Rs 12 lakh, or Rs 12.75 lakh including standard deductions, under the new tax regime, as she presented the Union Budget 2025. Her announcement was met with loud cheers and enthusiastic desk-thumping from BJP MPs, led Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
