2 weeks Ago By Shyamu Maurya
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. Personal Finance Income Tax Changes: Salaried people will get more salary, these changes will be implemented with the new financial year By Shyamu Maurya March 30, 2025 0 6 Share Facebook Twitter Pinterest WhatsApp Telegram Income Tax Changes: Salaried people will get more salary, these changes will be implemented with the new financial year Income Tax Changes in FY26: From the new financial year, the annual taxable income of up to Rs 12 lakh of the taxpayer will be tax free with the help of rebate. Rebate means tax waiver up to a limit.
Changes were also made in the tax slabs under the new income tax system in Budget 2025. The new financial year 2025-26 is going to be implemented in the country from April 1. Along with this, many income tax related announcements made in the Budget 2025 presented in February this year will also come into effect.
The biggest announcement of Budget 2025 for the middle class taxpayer was to make the annual taxable income up to Rs 12 lakh tax free. With a standard deduction of up to Rs 75000, now in the new income tax system, no income tax will have to be paid on annual income up to Rs 12.75 lakh.
Apart from this, changes were also made in the tax slabs under the new income tax system in Budget 2025. Due to these reliefs, more money will be left in the hands of the taxpayer. Let’s know about this in detail.
.. How will the annual taxable income of up to Rs 12 lakh become tax free The taxpayer’s annual taxable income of up to Rs 12 lakh can be made tax free with the help of rebate.
Rebate means tax waiver up to a limit. If we include standard deduction, then with the help of rebate, no income tax will have to be paid on annual income up to Rs 12.75 lakh.
Currently, in the new income tax system, annual taxable income up to Rs 7 lakh can be made tax free through rebate. Remember that the new benefit being implemented is only with the new income tax system. For those who follow the old income tax system, only taxable income up to Rs 5 lakh can become tax free with rebate.
What changes in tax slabs As per the announcement made in Budget 2025, now there will be no tax on taxable annual income up to Rs 4 lakh, that is, there will be 0 tax. Tax will be 5 percent on Rs 4 to 8 lakh, 10 percent on Rs 8 to 12 lakh, 15 percent on Rs 12 lakh to 16 lakh, 20 percent on Rs 16 to 20 lakh, 25 percent on Rs 20 lakh to 24 lakh and 30 percent tax will be levied on annual income above Rs 24 lakh. On the income tax front, combining these two reliefs, a taxpayer with an annual taxable income of Rs 12 lakh will get a tax benefit of Rs 80000 from the new financial year under the new income tax system.
At the same time, there will be a tax benefit of Rs 70000 on tax on annual taxable income of Rs 18 lakh and Rs 1.10 lakh in tax on annual taxable income of Rs 25 lakh. These changes will also be implemented The limit of tax deduction on interest income for senior citizens will be doubled to Rs 1 lakh.
Apart from this, the limit of TDS on rent was also proposed to be increased to Rs 6 lakh in the budget. This limit is currently Rs 2.4 lakh.
Tags income tax changes new financial Share Facebook Twitter Pinterest WhatsApp Telegram Previous article New PF System: Facility to withdraw PF through UPI and ATM may start in May-June Shyamu Maurya Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz.
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