Budget 2025: Income tax slabs revised
The Hindu
New tax slabs announced in Union Budget 2025, offering relief to middle class with tax-exemption up to ₹12 lakh.
Amid the relief to middle class by announcing tax-exemption for incomes upto ₹12 lakh, the central government also revised the tax slabs. The new tax slabs were announced by Union Finance Minister Nirmala Sitharaman, presenting the Union Budget 2025 on Saturday (February 1, 2025).
Here are the new tax slabs:
No tax for income up to ₹4 lakh per annum. For income between ₹4 lakh and ₹8 lakh, 5% tax will be applicable and between ₹8 lakh and ₹12 lakh, 10% will be applicable. The government also fixed 15% tax for income between ₹12 lakh and and ₹16 lakh.
Tax rates of 20% will be applicable for income between ₹16 lakh and ₹20 lakh and 25% will be applicable for income between ₹20 lakh and ₹24 lakh. For income above ₹24 lakh, 30% tax is applicable.
No tax slab will apply for annual income of up to ₹12 lakh (₹12.75 lakh for salaried tax payers with standard deduction of ₹75,000) under new tax regime.
“Can we get back the magic in comedy??” questioned Magicpin on X after the ‘India’s Got Latent’ controversy.
Iranian architecture student buys expensive iPhone in Tehran, revealing economic struggles and government tactics amid sanctions.
Sensex and Nifty slump due to foreign fund outflows and trade war fears, causing investor unease.
Tesla has sued at least six bloggers and two Chinese media outlets that wrote critically about the company.
Vodafone Idea Ltd reports narrowed net loss, revenue growth, increased ARPU, and strategic investments for future growth.
OpenAI CEO Sam Altman has soundly dismissed a $97.4 billion takeover bid backed by rival Elon Musk.
CBDT data shows significant growth in direct tax collections, with corporate and non-corporate taxes surpassing targets.
Chief Economic Advisor Nageswaran addresses the importance of deregulation and energy transition for India's economic growth.
Konkan LNG Ltd. to complete Enron-era Dabhol Breakwater project, enhancing India's LNG import capacity for energy mix improvement.
Mahindra Group to invest ₹40,000 crore in Karnataka, creating thousands of jobs and expanding various sectors.
Akhilesh Yadav criticizes Union Budget as benefiting only the rich, questions government's handling of Maha Kumbh stampede.
Finance Minister Nirmala Sitharaman discusses the effective capital expenditure, fiscal deficit target, inflation management, and rupee depreciation in Lok Sabha.
The platform is AI-powered to streamline trade documentation for MSME exporters, simplifying global trade.