New Delhi: Finance Minister Nirmala Sitharaman Saturday announced revised tax slabs under the new tax regime in the Union Budget 2025, aiming to provide relief to taxpayers while ensuring economic stability.
BREAKING: Major tax relief for middle class in Union Budget. No income tax upto ₹12 lakh per year. Full details of new slabs:
₹0-4 Lac: Nil
₹4-8 Lac: 5%
₹8-12 Lac: 10%
₹12-16 Lac: 15%
₹16-20 Lac: 20%
₹20-24 Lac: 25%
>₹24 Lac: 30% pic.twitter.com/izWPC51ANs— Shiv Aroor (@ShivAroor) February 1, 2025
(Courtesy: X/@ShivAroor)
As per the new structure, annual income up to Rs 4 lakh will remain tax-free. Incomes between Rs 4 lakh and Rs 8 lakh will attract a 5 per cent tax, while earnings between Rs 8 lakh and Rs 12 lakh will be taxed at 10 per cent. The slabs progressively increase, with a 15 per cent tax for incomes up to Rs16 lakh, 20 per cent for up to Rs 20 lakh, and 25 per cent for up to Rs24 lakh. Incomes exceeding Rs 24 lakh will be taxed at 30 per cent.
Income up to Rs 4 lakh (per annum) —– Nil
Between Rs 4 and 8 lakh —————- 5 per cent
Between Rs 8 and 12 lakh ————— 10 per cent
Between Rs 12 and 16 lakh ————– 15 per cent
Between Rs16 and 20 lakh ————— 20 per cent
Between Rs 20 and 24 lakh ————– 25 per cent
Above Rs 24 lakh ————————- 30 per cent
A significant highlight is the nil tax slab extension for annual income up to Rs 12 lakh (Rs 12.75 lakh for salaried individuals, factoring in the Rs 75,000 standard deduction). This move is expected to benefit middle-class taxpayers and boost disposable incomes.
PNN & Agencies
