{"id":1290200,"date":"2025-02-01T15:53:43","date_gmt":"2025-02-01T10:23:43","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1290200"},"modified":"2025-02-01T15:54:16","modified_gmt":"2025-02-01T10:24:16","slug":"no-income-tax-till-rs-12-lakh-income-new-income-tax-slabs-decoded-under-union-budget-2025","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/no-income-tax-till-rs-12-lakh-income-new-income-tax-slabs-decoded-under-union-budget-2025\/","title":{"rendered":"No Income Tax Till Rs 12 Lakh Income: New Income Tax Slabs Decoded Under Union Budget 2025"},"content":{"rendered":"\n<p>In a major relief to taxpayers, Finance Minister Nirmala Sitharaman announced that under the new tax regime, individuals earning up to \u20b912 lakh annually (\u20b912.75 lakh with standard deductions) will not have to pay any income tax. This move is expected to benefit the middle-class segment and increase disposable income.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"500\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-01-at-3.50.16\u202fPM-1-1024x500.png\" alt=\"\" class=\"wp-image-1290225\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-01-at-3.50.16\u202fPM-1-1024x500.png 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-01-at-3.50.16\u202fPM-1-300x147.png 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-01-at-3.50.16\u202fPM-1-768x375.png 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-01-at-3.50.16\u202fPM-1-1536x750.png 1536w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/02\/Screenshot-2025-02-01-at-3.50.16\u202fPM-1.png 1564w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Revised Tax Slabs Under the New Regime<\/h3>\n\n\n\n<p>The government has introduced the following revised tax slabs for the new regime:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Income up to \u20b94 lakh<\/strong> \u2013 No tax<\/li>\n\n\n\n<li><strong>\u20b94 lakh &#8211; \u20b98 lakh<\/strong> \u2013 5%<\/li>\n\n\n\n<li><strong>\u20b98 lakh &#8211; \u20b912 lakh<\/strong> \u2013 10%<\/li>\n\n\n\n<li><strong>\u20b912 lakh &#8211; \u20b916 lakh<\/strong> \u2013 15%<\/li>\n\n\n\n<li><strong>\u20b916 lakh &#8211; \u20b920 lakh<\/strong> \u2013 20%<\/li>\n\n\n\n<li><strong>\u20b920 lakh &#8211; \u20b924 lakh<\/strong> \u2013 25%<\/li>\n\n\n\n<li><strong>Above \u20b924 lakh<\/strong> \u2013 30%<\/li>\n<\/ul>\n\n\n\n<p>These changes are designed to provide relief to taxpayers and <a href=\"https:\/\/www.ndtv.com\/business-news\/giant-tax-relief-for-middle-class-no-income-tax-on-income-up-to-rs-12-lakh-7609711\">encourage savings and investments.<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Additional Tax-Related Announcements<\/h3>\n\n\n\n<p>Apart from the revised slabs, several other tax-related measures were introduced:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>TDS Rationalization<\/strong>: The government plans to rationalize tax deduction at source (TDS) rates.<\/li>\n\n\n\n<li><strong>Higher Tax Deduction Limit for Senior Citizens<\/strong>: The tax deduction limit for senior citizens has been doubled to \u20b91 lakh.<\/li>\n\n\n\n<li><strong>Extended Deadline for Filing Updated Returns<\/strong>: Taxpayers will now have up to four years to file updated returns, allowing greater flexibility and compliance.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Introduction of a New Direct Tax Code<\/h3>\n\n\n\n<p>The Budget also confirmed the introduction of a <strong>new Direct Tax Code<\/strong>, replacing the Income Tax Act of 1961. The new code aims to simplify tax compliance, reduce legal complexities, and eliminate the option of choosing between old and new tax regimes.<\/p>\n\n\n\n<p>Expected changes include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Elimination of <strong>financial year (FY) and assessment year (AY) distinctions<\/strong>.<\/li>\n\n\n\n<li>Standardized <strong>15% tax on dividend income<\/strong>.<\/li>\n\n\n\n<li><strong>5% tax on insurance income<\/strong> from Life Insurance Corporation (LIC) policies.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Conclusion<\/h3>\n\n\n\n<p>The new tax regime under Budget 2025 significantly benefits middle-class taxpayers by reducing their tax burden and encouraging economic growth. The introduction of the Direct Tax Code will further streamline tax laws, making compliance easier for individuals and businesses alike.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><a href=\"https:\/\/northeastindia24.com\/union-budget-2025-no-tax-on-income-up-to-rs-12-lakh-says-nirmala-sitharaman\/\">Image Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a major relief to taxpayers, Finance Minister Nirmala Sitharaman announced that under the new tax regime, individuals earning up to \u20b912 lakh annually (\u20b912.75 lakh with standard deductions) will not have to pay any income tax. This move is expected to benefit the middle-class segment and increase disposable income. Revised Tax Slabs Under the [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":1290225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-1290200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>No Income Tax Till Rs 12 Lakh Income: New Income Tax Slabs Decoded Under Union Budget 2025 - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/no-income-tax-till-rs-12-lakh-income-new-income-tax-slabs-decoded-under-union-budget-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No Income Tax Till Rs 12 Lakh Income: New Income Tax Slabs Decoded Under Union Budget 2025 - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"In a major relief to taxpayers, Finance Minister Nirmala Sitharaman announced that under the new tax regime, individuals earning up to \u20b912 lakh annually (\u20b912.75 lakh with standard deductions) will not have to pay any income tax. 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