New Delhi: Finance Minister Nirmala Sitharaman announced the government will introduce a new Income Tax Bill next week. The new Income Tax Code would be announced next week, with the I-T Department to “trust first, scrutinize later”, said Sitharaman while presenting Budget 2025-26.
FM also announced that there will be no income tax payable for incomes up to Rs 12 lakh. However this limit will be Rs 12.75 lakh for salaried tax payers, due to standard deduction.
“This is reflective of our Government’s trust on the middle-class tax payers. I am now happy to announce that there will be no income tax payable upto income of Rs 12 lakh (i.e. average income of Rs 1 lakh per month other than special rate income such as capital gains) under the new regime. This limit will be Rs 12.75 lakh for salaried tax payers, due to standard deduction of Rs 75,000,” FM added.
In the new tax regime, the revised tax rate structure is Rs 0-4 lakh (zero tax), Rs 4-8 lakh (5 per cent), Rs 8-12 lakh (10 per cent), Rs 12-16 lakh (15 per cent), Rs 16-20 lakh (20 per cent), Rs 20-24 lakh (25 per cent), and above Rs 24 lakh (30 per cent).
The Finance Minister has announced a 100% increase in the FDI limit for the insurance sector, applicable to those who invest the entire premium. The government introduced faceless assessment, faster tax returns, and five ‘Vivad Se Vishwas’ schemes earlier.
Stay informed on all the , real-time updates, and follow all the important headlines in and on Zee News.
