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TMI BlogNO INCOME TAX ON ANNUAL INCOME UPTO Rs. 12 LAKH UNDER NEW TAX REGIMEX X X X Extracts X X X X X X X X Extracts X X X X ..... NO INCOME TAX ON ANNUAL INCOME UPTO Rs. 12 LAKH UNDER NEW TAX REGIME X X X X Extracts X X X X X X X X Extracts X X X X ..... BY BOOSTING HOUSEHOLD CONSUMPTION EXPENDITURE AND INVESTMENT Reaffirming Government's commitment to the philosophy of "trust first, scrutinize later", the Union Budget 2025-26 has reposed faith in the Middle class and continued the trend of giving relief in tax burden to the common tax-payer. Presenting the Budget in the Parliament today, Union Minister for Finance and Corporate Affairs, Smt. Nir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mala Sitharaman proposed an across-the-board change in tax slabs and rates to benefit all tax-payers. Giving the good news to tax payers, the Finance Minister stated, "There will be no income tax payable upto income of Rs. 12 lakh (i.e. average income of Rs.1 lakh per month other than special rate income such as capital gains) under the new regime. This limit will be Rs.12.75 lakh for salaried ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x payers, due to standard deduction of Rs. 75,000." Tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them, she added. Smt. Sitharaman stated, "The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment". In th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e new tax regime, the Finance Minister proposed to revise tax rate structure as follows: 0-4 lakh rupees Nil 4-8 lakh rupees 5 per cent 8-12 lakh rupees 10 per cent 12-16 lakh rupees 15 per cent 16-20 lakh rupees 20 per cent 20- 24 lakh rupees 25 per cent Above 24 lakh rupees 30 per cent The total tax benefit of slab rate changes and rebate at different income levels can be illustra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted in the table below: While underlining Taxation Reforms as one of key reforms to realize the vision of Viksit Bharat, Smt. Sitharaman stated that the new income-tax bill will carry forward the spirit of 'Nyaya'. The new regime will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation, she informed. Quoting Verse 542 from The Thirukkural ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Finance Minister stated, "Just as living beings live expecting rains, Citizens live expecting good governance." Reforms are a means to achieve good governance for the people and economy. Providing good governance primarily involves being responsive. The tax proposals detail just how the Government under the guidance of Prime Minister Shri Narendra Modi has taken steps to understand and addre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss the needs voiced by our citizens, Smt. Sitharaman added. X X X X Extracts X X X X X X X X Extracts X X X X
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