BUDGET 2025-26 UPDATE ! The Finance Bill of 2025 has proposed a significant update to the income tax structure under the new tax regime for the financial year 2025-26. Here's everything you need to know: Key Highlights : Income up to ₹12 lakh: Individuals earning a total income of up to ₹12 lakh annually will not have any tax liability. Condition: To avail of this benefit, taxpayers must file their Income Tax Return (ITR) properly within the due date. Income above ₹12 lakh: If your income exceeds ₹12 lakh, the applicable tax rates will be based on the following slabs: Income Tax Slab Tax Rate Up to ₹4,00,000 0% ₹4,00,001 – ₹8,00,000 5% ₹8,00,001 – ₹12,00,000 10% ₹12,00,001 – ₹16,00,000 15% ₹16,00,001 – ₹20,00,000 20% ₹20,00,001 – ₹24,00,000 25% Above ₹24,00,000 30% Standard Deduction: A standard deduction of ₹75,000 will be available for all salaried individuals, further reducing their taxable income. This new tax regime aims to provide greater relief to middle-class taxpayers wh...
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