Income Tax Relief Announced in Budget 2025: No Income Tax Payable up to INR 12 Lakh Under New Regime, Announces Nirmala Sitharaman
In a major move to provide relief to salaried taxpayers, Union Finance Minister Nirmala Sitharaman announced in the Union Budget 2025 that no income tax will be payable for individuals earning up to INR 12 lakh under the new tax regime.
In a significant move, Union Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2025, announced that no income tax would be levied on salaries up to INR 12 lakh under the new tax regime. The announcement comes as part of her eighth consecutive budget presentation, where she emphasised the government's aim to provide relief to the salaried class. Additionally, the Finance Minister proposed a rationalization of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) provisions, along with increased thresholds for tax deductions. For senior citizens, the tax deduction limit on interest income will be doubled from INR 50,000 to INR 1 lakh, offering further relief. Union Budget 2025: Time Limit for Updated Income Tax Return Increased From 2 to 4 Years.
Income Tax Relief Announced in Budget 2025
#UnionBudget2025 | Finance Minister Nirmala Sitharaman says, " I am now happy to announce that there will be no income tax up to an income of Rs 12 lakhs." pic.twitter.com/rDUEulG3b9
— ANI (@ANI) February 1, 2025
(The above story first appeared on LatestLY on Feb 01, 2025 12:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
