Union Finance Minister Nirmala Sitharaman presenting Budget in Lok Sabha Photo: PTI Union Finance Minister Nirmala Sitharaman presenting Budget in Lok Sabha Photo: PTI In a major relief to the middle-class in India, Union Finance Minister Nirmala Sitharaman in her budget speech said that under the new tax regime there will be no income tax to be paid up to an annual income of rupees 12 lakhs. For salaried taxpayers, the limit is rupees 12.75 lakh with standard deduction of rupees 75,000.
"The middle class provide strengths to the economy. In recognition of their contribution, we have periodically reduced the tax burdens. I am now happy to announce that there will be no income tax up to an income of Rs 12 lakhs", said Finance Minister Nirmala Sitharaman.
#UnionBudget2025 | "The middle class provide strengths to the economy. In recognition of their contribution, we have periodically reduced the tax burdens. I am now happy to announce that there will be no income tax up to an income of Rs 12 lakhs."says Finance Minister Nirmala… pic.twitter.com/9IVCnhEUb1
— ANI (@ANI) February 1, 2025 The New Tax SlabIn her budget speech, the finance minister also announced changes in the tax slabs that aim to substantially reduce the burden oftaxes for the middle class and to leave more money in their hands, boosting household consumption, savings,playphp casino and investment.
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%
388hero16-20 lakh rupees: 20%
20-24 lakh rupees: 25%
Above 24 lakh rupees: 30%
Under new tax regime, as per PTI, the 'nil' tax slab will apply for annual income up to rupees 12 lakh (rupees 12.75 lakh for salaried tax payers with standard deduction of rupees 75,000).
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"When the team returned home and we announced a training camp for the Asian Champions Trophy, the three informed us that due to domestic issues they wouldn't be able to attend the camp," Mujahid said.
Union Budget 2025: Tax Relief, AI Push, Infra Boost, Perks For Gig Workers And More | Key Announcements ITR Filing Extension AnnouncedMoreover, Sitharaman also announced an extension of the time limit for filing updated returns for any assessment year. The time limit is proposed to be extended from the current two years to four years.
The FM also proposed the exemption of TCS (tax collected at source) for remittances for education purposes in cases where education loan is taken from specified financial institutions.swerte gaming
