Income Tax Slabs FY 2025-25 New versus Old Income Tax Regime: Finance Minister Nirmala Sitharaman announced significant income tax relief for the midd

FM Sitharaman's speech last Budget hinted at this new tax law when she said the goal was to simplify the income tax laws and cut the Income Tax Act, 1961's page-count by as much as 60 per cent.

Union Finance Nirmala Sitharaman while presenting Union Budget 2025-26 said the government will introduce a New Income Tax Bill next week

Despite the announced cuts in income tax rates, the Centre has projected a significant increase in gross income tax receipts for the financial year 2025-26. The budgeted receipts for 2025-26 are set at Rs 14.38 lakh crore, marking a 21.1% increase compared to the revised estimate of Rs 12.57 lakh crore for 2024-25.

Under the revised New Income Tax Regime for 2025, no income tax will be payable on income up to Rs12 lakh. With the inclusion of the standard deduction, the tax-free income limit extends to Rs12.75 lakh.

Indian Prime Minister Narendra Modi’s government has presented an annual budget that focuses on wooing the salaried middle class with tax cuts and spurring economic growth by boosting agriculture and