The new tax regime was first introduced in Union Budget 2020-21 by inserting a new section, 115BAC, in the Income Tax Act for ...

Budget 2025 income tax expectations: Most personal tax experts are of the view that the government will phase out the old income tax regime in the coming years. However, they are divided on how soon.

Income Tax Slabs FY 2025-25 New versus Old Income Tax Regime: Finance Minister Nirmala Sitharaman announced significant income tax relief for the middle class in the Union Budget 2025, eliminating ...

Budget 2025: Finance Minister Nirmala Sitharaman announced the new tax slabs under the new tax regime, thus offering tax saving for taxpayers. There will no income tax for salaried taxpayers ...

The Union Budget 2025–26 has introduced a notable increase in the basic income tax exemption limit and has redrawn the ...

The new tax regime, introduced under Section 115BAC of the Income Tax Act, 1961, was designed to simplify taxation with reduced tax rates. Written by PF Desk Updated: February 1, 2025 10:55 IST ...

The proposed income tax slabs in the Union Budget 2025 for the New Tax Regime include a rebate of Rs 60,000 for income up to Rs 12 lakh (Rs 12.75 lakh for salaried individuals) under Section 87A.

As per the BankBazaar's calculations, a taxpayer with taxable income of Rs 15 lakh, will pay Rs 1.09 lakh as tax under New Tax Regime 2025 as compared Rs 1.45 lakh under New Tax Regime 2024 and Rs ...

New Slab rates: Budget 2024 introduced the new tax slab for those following the new tax regime. Now there is no tax for those earning up to ₹ 3 lakh. Between ₹ 3-7 lakh, tax is 5 percent.

Old vs. New Tax Regime. The old tax regime, which has been in place for decades, allows taxpayers to claim deductions and exemptions under sections like 80C, 80D, and HRA, among others.

Income Tax Slabs 2025-26 Updates: Under the new tax regime, salaried tax payers with taxable income of up to Rs 12.75 lakh (income Rs 12 lakhs with standard deduction of Rs 75,000), will be tax ...

Budget 2025 income tax expectations: Ever since Finance Minister Nirmala Sitharaman introduced the new income tax regime with reduced tax rates and almost no deductions and exemptions, salaried ...