Budget 2025 highlights
Let us discuss about the key points from the budget presented today. This budget will be effective for the Financial Year 2025-26. Personal Income- tax Reforms with special focus on middle class There is no change in income tax rates under Old regime. 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. In the new tax regime, the tax rates will be as below. Rebate on income-tax Resident individual with total income up to Rs.7,00,000 do not pay any tax due to rebate under the new tax regime. It is proposed to increase the rebate for the resident individual under the new regime so that they do not pay tax if their total income is up to Rs.12,00,000. Marginal relief as provided earlier under the new tax regime is also applicable for income marginal...