Income Tax Slabs Budget 2025 : No income tax for annual income of up to Rs 12 lakh
New Delhi, February 01, 2025.
Finance Minister Nirmala Sitharaman on Saturday presented the Union Budget 2025 in Parliament. This will be FM Sitharaman’s eighth consecutive Budget presentation with the Lok Sabha session commencing at 11 am today. FM Sitharaman announced that no income tax will be due for those with annual income up to Rs 12 lakh, among other changes in the tax slab.
Taxpayers are expecting a hike in the standard deduction limit under both old and new tax regimes in this year’s Union Budget. It is expected that FM Sitharaman will announce new tax slabs under the new tax regime today, as well as deductions for home loans, life insurance and healthcare policy premiums, bringing relief to the middle class. Currently, the old tax regime offers a standard deduction of Rs 5...
