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The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, has brought significant changes to the income tax slab rates under the new tax regime. These changes aim to simplify the tax system, reduce tax burdens, and provide substantial relief to taxpayers across different income brackets. The new income tax slabs will be effective from April 1, 2025, for the financial year 2025-26.
Under the new tax regime for FY 2025-26, the income tax slabs have been revised to offer lower tax rates and increased rebates. Here's a breakdown of the new slabs:
One of the most significant reforms in Budget 2025 is the increase in the tax rebate under Section 87A. The rebate limit has been raised to Rs. 60,000, ensuring that individuals with a net taxable income of up to Rs. 12 lakh pay no income tax. This change is particularly beneficial for lower and middle-income taxpayers. Additionally, salaried individuals can claim a standard deduction of Rs. 75,000, which effectively raises the non-taxable income limit to Rs. 12.75 lakh annually [2][4].
For salaried taxpayers, the new regime offers substantial benefits. With a standard deduction of Rs. 75,000 and the enhanced rebate, individuals earning up to Rs. 12.75 lakh annually will not incur any tax liability. This provides significant tax savings, particularly for those in the middle-income bracket. The new tax slabs simplify compliance and reduce tax burdens, making it more attractive for taxpayers to transition to the new regime [2][5].
The old tax regime continues to offer deductions and exemptions, such as House Rent Allowance (HRA), Leave Travel Allowance (LTA), Section 80C (up to Rs. 1.5 lakh), and medical insurance premiums. However, the new regime's lower tax rates and increased rebates make it a more appealing option for many taxpayers. The choice between the two regimes depends on an individual's financial situation and the extent of deductions they can claim [1][5].
The changes in the new tax regime are expected to significantly reduce the tax burden on individuals, potentially saving taxpayers up to Rs. 1.14 lakh per annum. The increase in the basic exemption limit to Rs. 4 lakh aligns with inflationary trends and reduces the number of taxpayers required to file returns, easing compliance burdens [2][5].
For individuals earning above Rs. 24 lakh, the highest tax rate of 30% applies. While the surcharge rates remain unchanged, this stability provides predictability for high-income earners, ensuring no additional tax burden beyond the standard slab rates [2][3].
The Union Budget 2025 marks a significant shift in India's income tax structure, aiming to simplify compliance, reduce tax liabilities, and encourage more individuals to opt for the new tax regime. With enhanced rebates and lower tax rates, the new regime offers substantial relief to taxpayers across different income brackets. As these changes come into effect from April 1, 2025, taxpayers must carefully evaluate which tax regime is more beneficial for their financial situation.
As the Indian economy continues to grow, these reforms aim to ensure that individuals keep more of their hard-earned money. By choosing the right tax regime, taxpayers can optimize their financial planning and benefit from the reduced tax burdens.
