New income tax slabs: Nirmala Sitharaman made a historic announcement that there will be no income tax payable for those with an income upto ₹12 lakh.
New Income Tax Slabs: Union finance minister Nirmala Sitharaman on Saturday presented the Union Budget 2025-2026 in the Parliament and introduced a massive relief for income tax payers.
In a historic announcement, the finance minister announced that there will be no income tax payable for those with an income upto ₹12 lakh.
No Tax on ₹12 Lakh Income! Budget 2025 Brings Big Relief.
“I propose to revise tax rate structures as follows: 0 to ₹4 Lakhs – nil, ₹4 Lakhs to ₹8 Lakhs – 5%, ₹8 Lakhs to ₹12 Lakhs – 10%, ₹12 Lakhs to ₹16 Lakhs – 15%, ₹16 Lakhs to ₹20 Lakhs – 20%, ₹20 Lakhs to ₹24 Lakhs – 25% and above ₹24 Lakhs – 30%. To taxpayers up to ₹12 Lakhs of normal income other than special rate income such as capital gains, a tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them,” Nirmala Sitharaman said.
