Finance Minister Nirmala Sitharaman presented the Union Budget 2025

What is the new tax slab for 2025?

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Union Budget 2025 LIVE updates: No income tax upto 12 lakh under new regime, says Nirmala Sitharaman

What is the new income tax slab for 2025-26?

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BUDGET 2025

2. New deadline to file updated tax returns extended to 4 yearsThe Union Budget 2025-26 has extended the deadline for taxpayers to file updated income tax returns (ITR-U) from 24 months to 48 months from the end of the relevant assessment year, allowing more time for voluntary compliance.February 01, 2025, 14:42 PM
3. Objectives of Sitharaman’s proposals for direct taxesSitharman said that the objectives of her proposals for direct taxes were: personal Income Tax reforms with special focus on middle class; rationalisation of TDS/TCS for easing difficulties; encouraging voluntary compliance; reducing compliance burden; ease of doing business; and employment and investmentFebruary 01, 2025, 14:05 PM
4. Do you need to file ITR if your income is below ₹12 lakh?Individuals must file their ITR if their income exceeds the basic exemption limit of ₹2.5 lakh (for the old regime) or ₹4 lakh (for the new regime).February 01, 2025, 13:34 PM
5. New Tax Regime change Live: Rebate to ensure no tax up to ₹12 lakhAs per the Budget Speech, the rebate for the resident individual under the new regime has been increased in such a way that they do not pay tax if their total income is up to ₹12,00,000.Marginal relief as provided earlier under the new tax regime is also applicable for income marginally higher than ₹12,00,000.Earlier, resident individuals with total income up to ₹7,00,000 did not pay any tax due to rebate under the new tax regime.February 01, 2025, 12:57 PM
6. No change in Old Tax Regime: Revised slabs in new regime will make old regime irrelevant for many taxpayersAs expected, the Finance Minister announced no change in the old regime. The new slab and rates announced for taxpayers in the new regime are likely to make the old regime irrelevant for many taxpayers. Already, over 70% taxpayers have switcherd to the new regime, as per the Income-tax Department’s data.February 01, 2025, 12:41 PM
7. Big tax relief for middle class on income up to ₹12 lakh: What Finance Minister saidFor taxpayers with up to ₹12 lakh income, other than special rate interest such as capital gains, the finance minister said that tax rebate is being provided, in addition to slab rate restructure, in such a manner that no tax will be payable by them for income up to up to ₹12 lakh.February 01, 2025, 12:38 PM
8. New tax slabs and rates in new regime announced. Check detailsFM says the following will be the new tax slab and rates in the new regime, that will make income up to ₹12 lakh tax-free, if the individual doesn’t have special interest income.New slabs and rates in new regimeIncome range (₹)Tax rate0 – 4 lakhNil4 – 8 lakh5%8 – 12 lakh10%12 – 16 lakh15%16 – 20 lakh20%20 – 24 lakh25%Above 24 lakh30%February 01, 2025, 12:30 PM
9. Big news! No tax on income up to ₹12 lakhBig news! No income-tax payable on up to ₹12 lakh, says FMFebruary 01, 2025, 12:14 PM
10. TDS rule change: Good news for senior citizensFor Senior citizens’ interest income, TDS threshold on interest income from deposits has been increased to ₹1 lakh from ₹50,000, says Finance Minister.February 01, 2025, 12:33 PM
11. Income Tax Rate, Slab 2025-26 Live: FM outlines features of new Income tax BillNew Income Tax Bill will carry forward the spirit of “nyay”. It will be nearly 50% less in terms of words. The simplified new tax bill will help achieve good governance and reduce litigations.February 01, 2025, 12:02 PM
12. Boost to Insurance: FDI Limit on Insurance to be raised to 100%Finance Minister Nirmala Sitharaman says the FDI limit for the Insurance Sector will be raised from 74 to 100 percent. This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified.February 01, 2025, 11:58 AM
13. Budget 2025: Revamped CKYC in 2025, says FMFM Nirmala Sitharaman says an upgraded central KYC registry system will be rolled out in 2025. It was proposed in the previous budget.February 01, 2025, 11:46 AM
14. New Income Tax Bill to be introduced next weekFM says that the new Income Tax bill will be introduced next week. The FM had proposed a revamp of the existing income tax law in the last budget.February 01, 2025, 11:47 AM
15. Budget announcements for Gig workersFM proposes following measures for Gig workers
    • Identity cards for Gig Workers
    • PM Jan Aarogya (PM-JAY) registration
    February 01, 2025, 11:29 AM
16. Boost to startps and women: Finance Minister proposes new fund of fundsFM Sitharaman proposes a new Fund of Funds for startups.
    • Fresh contribution of another ₹10,000 crore, in addition to existing government contribution of ₹10,000 crore
    • New Scheme for 5 lakh Women, Scheduled Castes and Scheduled Tribes first-time entrepreneurs
    February 01, 2025, 11:27 AM
17. Budget 2025 Income Tax Live: FM may announce tax-relief for salariedFinance Minister Nirmala Sitharaman is likely to announce tax relief for the middle-class and the salaried taxpayers. The tax cuts may be in the new tax regimes, experts say.February 01, 2025, 11:23 AM
18. Loan up to ₹2 crore under new scheme for women entrepreneuersFM proposes anew scheme to provide loans up to ₹5 crore for women entrepreneursFebruary 01, 2025, 11:19 AM
19. Budget 2025 Income Tax Slab and Rate Live: FM predicts balanced growth in next 5 yearsNirmala Sitharaman says India’s economy is the fastest-growing among all major global economies. “Our development track record of the past 10 years and structural reforms have drawn global attention. Confidence in India’s capability and potential has only grown in this period. We see the next five years as a unique opportunity to realize ‘Sabka Vikas’, stimulating balanced growth of all regions.”February 01, 2025, 11:12 AM
20. Income Tax Slab and Rate Changes in Budget 2025 Live: Focus on four groups

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