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Financials
As of April 1, 2025, India's income tax landscape has undergone significant changes with the introduction of new tax slabs, enhanced rebates, and modifications to tax deducted at source (TDS) thresholds. These updates aim to simplify the tax structure, provide relief to taxpayers, and streamline financial transactions. Here's a comprehensive overview of the key changes you need to know.
One of the most notable changes is the revision of income tax slabs under the new tax regime. The slabs have been expanded to include seven tiers, allowing individuals with lower incomes to benefit from reduced tax rates. Here are the details:
Under this regime, individuals earning up to Rs. 12 lakh annually do not need to pay income tax due to the increased rebate limit. This development offers substantial tax relief, especially compared to previous years where a similar income would attract significant tax liability[2].
For those who prefer the old tax regime, the deductions and exemptions remain available. However, the rebate limit under this regime stays at Rs. 12,500, which is much lower than the new regime's Rs. 60,000 rebate. Taxpayers in the old regime can benefit from several deductions, including:
To reduce tax compliance burdens, the TDS thresholds have been increased across various categories:
These adjustments aim to minimize unnecessary tax deductions, allowing individuals to retain more of their earnings.
Effective April 1, 2025, the equalisation levy on digital transactions has been abolished. This move is expected to reduce the tax burden on non-resident service providers and encourage more foreign investment in India's digital sector. The removal of this levy simplifies digital transactions and aligns with the government's goals of decreasing regulatory complexity[2].
In another major development, UPI apps must now obtain explicit consent from users before creating or modifying UPI IDs. This means users are automatically opted out, and apps cannot seek authorization during ongoing transactions, ensuring clearer user consent and privacy[3].
Launched in April 2025, the Unified Pension Scheme (UPS) offers an alternative to the National Pension System (NPS). This scheme aims to address the concerns of government employees who sought the reinstatement of the Old Pension Scheme. Under the UPS, employees with a minimum service period of 25 years can receive a pension equal to 50% of their average basic salary over the final 12 months prior to retirement[3].
The new income tax rules in India aim to create a more streamlined and taxpayer-friendly environment. By providing substantial tax relief, simplifying TDS compliance, and streamlining digital transactions, these changes are set to impact both individuals and businesses significantly. As the financial landscape evolves, understanding these changes will be crucial for effective financial planning in the coming fiscal year.
These changes highlight a commitment to simplifying the tax framework while providing relief to taxpayers. As India continues to evolve its financial policies, staying informed about these updates is essential for navigating the financial landscape effectively.
