Union Budget 2025: Massive relief for middle class, no income tax payable up to Rs 12 lakh
PTC Web Desk: Finance Minister Nirmala Sitharaman has announced significant relief for income taxpayers in the Union Budget 2025. Individuals earning up to Rs 12.75 lakh annually will now be exempt from income tax. Additionally, taxpayers will be allowed to file income tax returns (ITR) for the past four years in a single go. For senior citizens, the TDS exemption limit has been increased from Rs 50,000 to Rs 1 lakh.
Revised Income Tax Slabs:
Up to Rs 12 lakh – No tax
Rs 12 lakh to Rs 16 lakh – 15% tax
Rs 16 lakh to Rs 20 lakh – 20% tax
Rs 20 lakh to Rs 24 lakh – 25% tax
Above Rs 24 lakh – 30% tax
The revision of tax slabs aims to reduce the financial burden on salaried individuals, offering them greater disposable income and stimulating consumption. This tax relief aligns with the government's broader economic strategy to enhance spending power and drive overall growth, said FM Nirmala Sitharaman.
- PTC NEWS