What are the new income tax slabs introduced in Union Budget 2025? How much will you save now?

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What are the new income tax slabs introduced in Union Budget 2025? How much will you save now?

//business-finance.news-articles.net/content/202 .. nion-budget-2025-how-much-will-you-save-now.html

Published in Business and Finance on Saturday, February 1st 2025 at 7:40 GMT by

Firstpost

Finance Minister Nirmala Sitharaman has announced changes to the income tax slabs in the new regime. As per the changes, there is no tax on income up to Rs 12 lakh. This rejig is expected to boost disposable income,

The article from Firstpost discusses the potential changes in the Union Budget 2025, focusing on the new income tax regime in India. It highlights the government's push towards simplifying the tax structure by introducing new tax slabs under the new tax regime, which was first announced in the 2020-21 budget. Key points include the reduction in tax rates for individuals opting for the new regime, with no tax on income up to Rs 3 lakh, and progressive rates up to 30% for income above Rs 15 lakh. The article also mentions the removal of certain deductions and exemptions to make tax filing easier, aiming to encourage more taxpayers to shift to this regime. Additionally, it speculates on possible adjustments to tax slabs, potential increases in standard deductions, and changes in tax benefits related to savings and investments like Section 80C. The piece also touches on the broader economic context, including the impact of inflation and the need for fiscal measures to boost consumption and savings among the middle class.

Read the Full Firstpost Article at:
[ https://www.firstpost.com/explainers/union-budget-2025-new-income-tax-slabs-regime-savings-salary-13858557.html ]

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