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Union Budget 2025: Massive relief for middle class, no income tax payable up to Rs 12 lakh

For senior citizens, the TDS exemption limit has been increased from Rs 50,000 to Rs 1 lakh

Reported by:  PTC News Desk  Edited by:  Jasleen Kaur -- February 01st 2025 12:22 PM -- Updated: February 01st 2025 12:35 PM
Union Budget 2025: Massive relief for middle class, no income tax payable up to Rs 12 lakh

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

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