Government of India has announced a new income tax slab in the budget presented on 1 February 2025, in which there will be no tax on annual income of up to Rs 12 lakh. Finance Minister Nirmala Sitharaman has tried to give relief to middle class taxpayers through this change. This new tax system will be applicable from the financial year 2025-26.
when will the new tax slab be applicable?
Information given by the Ministry of Finance According to, the new tax slab will be implemented from this year i.e. April 1, 2025. The benefit of this slab will be available to the common people in FY 2025-26. The biggest thing is that new tax laws are not needed to implement it. Under these slabs have been fixed-
- 0-4 lakh rupees: 0% tax
- 4-8 lakh rupees: 5% tax
- 8-12 lakh rupees: 10% tax
- 12-16 lakh rupees: 15% tax
- 16-20 lakh rupees: 20% tax
- 20 -24 lakh rupees: 25% tax
- more than Rs 24 lakh: 30% tax
According to this new slab, whose income is up to Rs 12 lakh No income tax will have to be paid. Apart from this, if a person’s income is more than Rs 12 lakh, then he will have to pay tax according to the prescribed slab. P> In this new system, keeping in mind the standard deduction for salary class, which is Rs 75,000, the total exemption limit increases to Rs 12.75 lakh. This means that if a person’s income is up to Rs 12.75 lakh, then he will not have to pay any income tax.
When will the new income tax bill come
During the budget itself, Finance Minister Nirmala Sitharaman announced that a new tax bill will be introduced in the Lok Sabha during the budget session next week. At present, the Income Tax law which is applicable in India is about 6 decades old. Actually, the current Income Tax Act was implemented on 1 April 1962. The new income tax bill that the government is now going to bring, if this law is enacted, then after about 63 years, the income tax law will change in the country.
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