Income tax Budget 2025 LIVE: In her budget statement, Finance Minister Nirmala Sitharaman declared that under the new tax system, those earning up to ₹12 lakh would not be obliged to pay taxes. For incomes up to ₹12 lakh ( ₹12.75 lakh for salaried taxpayers with a basic deduction of ₹75,000), the new tax regime gives 0% income tax. The government has established new tax slabs to significantly lower middle-class taxes and give them more money, increasing household consumption, savings, and investment.
Budget 2025 income tax slab changes: The following are the tax rates and slabs.
0–4 lakh rupees: Nothing
4-8 lakh rupees: 5%
10% of 8–12 lakh rupees
15% of 12–16 lakh rupees
20% of 16–20 lakh rupees
25% of 20–24 lakh rupees
Above 24 lakh rupees: 30%
Under the new tax regime, individuals earning up to ₹12 lakh annually will not have to pay any income tax. As per the rejig, for persons earning more than ₹12 lakh per annum, there will be nil tax for income up to ₹4 lakh, 5 per cent for income between ₹4 and 8 lahks, 10 per cent for ₹8-12 lakh, and 15 per cent for ₹12-16 lakh.
Income Tax Budget 2025 LIVE: PHDCCI refers to budget statements as "sixer on full toss ball."
2025 Income Tax Budget LIVE: The Union Budget's measures, according to industry group PHDCCI on Saturday, are a "sixer on a full toss ball" that will spur growth in all sectors while boosting governance and infrastructure.
"It's like a sixer on a full toss ball," PTI President Hemant Jain stated in an interview. These areas will ensure sustainable development in a number of sectors, boost governance, boost infrastructure, and spur growth.
Income Tax Budget 2025 LIVE: Changes to CKYC norms will make investing in mutual funds easier and make it easier for people to participate in the markets. "As nearly 25% of taxpayers are currently in the 5–12L tax bracket, the middle class, especially those between the ages of 25 and 40, could benefit from higher disposable income of up to ₹1.1L as it will increase both investments and consumption. For the younger 25–30 age group, the additional income is likely to drive higher spending, which will benefit FMCG and consumer-driven sectors, while an increase in EMIs and loans could have a positive impact banking and financial services."
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