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Real Estate
With the start of the financial year 2025-26, significant changes in the income tax structure are set to impact taxpayers in India. The new financial year brings key revisions aimed at simplifying tax calculations, enhancing savings, and increasing spending capacity for individuals. The most notable changes include revised income tax slabs under the new tax regime, increased threshold limits for tax deducted at source (TDS), and the removal of the equalisation levy. This article will delve into the new income tax slabs, rates, and other crucial aspects of both the new and old tax regimes.
The new tax regime, initiated under Section 115BAC of the Income Tax Act, has seen a remarkable shift in its income tax slabs. Effective from April 1, 2025, the new slabs are as follows:
| Income Range (Rs) | Tax Rate | |-------------------|----------| | Up to Rs. 4 lakh | Nil | | Rs. 4-8 lakh | 5% | | Rs. 8-12 lakh | 10% | | Rs. 12-16 lakh | 15% | | Rs. 16-20 lakh | 20% | | Rs. 20-24 lakh | 25% | | Above Rs. 24 lakh | 30% |
These revised slabs offer a higher basic exemption limit of Rs. 4 lakh, significantly benefiting individuals who earn up to this amount as they will not incur any income tax liability. Furthermore, the rebate under Section 87A has been increased to Rs. 60,000 from Rs. 25,000, ensuring that those earning up to Rs. 12 lakh can claim zero tax liability[1][2][4].
The new regime also introduces a standard deduction of Rs. 75,000 for salaried individuals and pensioners, further enhancing the non-taxable income limit. This means individuals with an income of up to Rs. 12.75 lakh can effectively avoid paying income tax when combining this deduction with the revised slabs[3][4]. This change is particularly beneficial for middle-income earners as it significantly increases their disposable income.
Senior citizens have received a boost with the TDS threshold on interest income from bank deposits, cooperative societies, and post office schemes being raised from Rs. 50,000 to Rs. 1 lakh. This increase reduces the tax deducted at source, providing senior citizens with better cash flows and reduced compliance burdens[2][5]. Moreover, the TDS threshold for rent payments by non-individuals has been revised to Rs. 50,000 per month, benefiting landlords with modest rental income[2][5].
The old tax regime continues to offer deductions and exemptions that many taxpayers find beneficial. The income tax slabs under this regime remain unchanged:
| Income Range (Rs) | Tax Rate | |-------------------|----------| | Up to Rs. 2.5 lakh| Nil | | Rs. 2.5-5 lakh | 5% | | Rs. 5-10 lakh | 20% | | Above Rs. 10 lakh | 30% |
Taxpayers opting for the old regime can benefit from various deductions such as:
These deductions can significantly reduce taxable income if appropriately utilized.
While the new tax regime is more straightforward and offers higher savings due to its revised slabs and increased deductions, the old regime remains attractive for those who can avail substantial deductions like HRA or other benefits that exceed Rs. 8 lakh (for incomes over Rs. 24 lakh)[5]. Therefore, taxpayers should evaluate their individual financial situations and opt for the regime that maximizes their tax savings.
The Finance Act 2025 abolishes the equalisation levy, which was introduced to tax digital transactions. The removal of this levy aims to streamline digital transactions and reduce the tax burden on non-resident digital service providers, potentially leading to increased foreign investment in India's digital economy[4].
From April 1, 2025, investors who have not linked their PAN with Aadhaar will face suspended dividend payouts. Additionally, TDS rates will increase, and no credit will be reflected in Form 26AS for such individuals[2]. This emphasizes the importance of linking these documents to avoid higher tax liabilities and compliance issues.
The new financial year brings about substantial changes in income tax regulations that will significantly impact taxpayers. The revised tax slabs and increased rebates under the new tax regime offer considerable savings, especially for those earning up to Rs. 12 lakh. On the other hand, the old tax regime remains beneficial for individuals who can claim substantial deductions. As these changes come into effect, taxpayers should carefully assess their financial situations to choose the most advantageous tax regime.
