In a big relief for the middle class, Finance Minister Nirmala Sitharaman announced income tax exemption up to income of Rs 12 lakhs.
#UnionBudget2025 | Finance Minister Nirmala Sitharaman says, " I am now happy to announce that there will be no income tax up to an income of Rs 12 lakhs." pic.twitter.com/rDUEulG3b9
— ANI (@ANI) February 1, 2025
The Finance Minister also announced a big overhaul of income tax slab rates under the new tax regime.
The new tax slabs will look like this:
- Upto 4,00,000 – 0%
- ₹4,00,000-₹8,00,000 – 5%
- ₹8,00,000-₹12,00,000 – 10%
- ₹12,00,000-₹16,00,000 – 15%
- ₹16,00,000-₹20,00,000 – 20%
- ₹20,00,000-₹24,00,000 – 25%
- Above 24,00,000 – 30%
