Income tax payable on same income has come down by over 50% since 2014
1 month, 3 weeks ago

Income tax payable on same income has come down by over 50% since 2014

Op India  

The union budget for 2025-26 makes significant changes to the Income Tax regime, which is going to provide major relief to taxpayers. Moreover, the slabs have been changed, ensuring that there will be lower tax outgo even for those who come under taxable bracket with income above ₹12 lakh. While now there is no tax on income up to ₹12 lakh, in 2014 it was in the highest tax bracket, which started at ₹10 lakh with a tax rate of 30%. First, let us have a look at the I-T slabs for these three years: For 2013-14 Up to ₹2,00,000 0 ₹2,00,000 – ₹5,00,000 10% ₹5,00,000 – ₹10,00,000 20% Above ₹10,00,000 30% For 2024-25 Upto ₹3,00,000 0 ₹3,00,001 – ₹7,00,000 5% ₹7,00,001 – ₹10,00,000 10% ₹10,00,001 – ₹12,00,000 15% ₹12,00,001 – ₹15,00,000 20% Above ₹15,00,000 30% For 2025-26 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% Now, there is a comparison of income tax to be paid for various incomes in these three years.

Tax Income Tax Income Lakh Come  tax  lakh  12  income  payable  50  come  20  1200000  various  1000000  15

History of this topic

Over 4.68 lakh taxpayers file ITR for income over ₹1 crore till Feb 28, shows latest data
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Top News
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Live Mint  

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India Today  

Finance Minister Nirmala Sitharaman’s Budget 2025 announcement has brought some relief for salaried individuals, with the tax-free income limit now raised to Rs 12 lakh. The benefit of the Rs 75,000 standard deduction under the new tax regime effectively bumps this up to Rs 12.75 lakh. But there’s a way to push it even further to Rs 13.7 lakh by …

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3 weeks, 6 days ago

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India Today  

Perhaps, the biggest Budget 2025 announcement by the Finance Minister Nirmala Sitharaman was that individuals with salaries up to Rs 12 lakh will pay zero taxes under the new tax regime. However, with Rs 75,000 as the standard deduction under the new regime, individuals earning up Rs 12.75 lakh annually need not pay any taxes. The Finance Minister in her …

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Live Mint  

Income tax slabs 2025-26: You are in the ₹12 lakh bracket and dreaming of a salary appraisal. Under the new income tax regime for 2025-26, you can pay zero income tax even with a ₹14.65 lakh salary. Under the new income tax regime, you must utilise deductions strategically to achieve a zero tax liability with a ₹14.65 lakh salary. Abhishek …

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Live Mint  

India's income tax law has recently undergone a major reform with a new Bill having been introduced in the Lok Sabha on Thursday and proposed to be reviewed by the select committee. The new Income Tax Bill aims to make the tax legislation simpler, concise and easy to read, so that there is less litigation arising out of complex provisions. …

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Live Mint  

In an era that glorifies radical and dramatic change, the quiet power of incremental reform tends to be overlooked. The new Income Tax Bill, 2025, falls into this category. There are some substantive changes to be sure, but the focus of the new Bill is more towards making the law more concise, lucid and easy to understand. However, the introduction …

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Live Mint  

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Live Mint  

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Live Mint  

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The Hindu  

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ABP News  

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Op India  

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Hindustan Times  

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The Hindu  

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Live Mint  

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Live Mint  

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New Indian Express  

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Live Law  

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Live Mint  

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Hindustan Times  

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Live Mint  

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Firstpost  

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India Today  

The new income tax regime is set to become the preferred option for the majority of taxpayers in the upcoming financial year, following the proposals in the Union Budget 2025. In fact, salaried individuals with an annual income of Rs 12.75 lakh won't have to pay any tax, given the standard deduction of Rs 75,000 under the new regime. High-income …

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Live Mint  

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Live Mint  

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1 month, 2 weeks ago

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Live Law  

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1 month, 2 weeks ago

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New Indian Express  

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1 month, 2 weeks ago

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Deccan Chronicle  

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1 month, 2 weeks ago

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Live Mint  

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1 month, 2 weeks ago

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ABP News  

Finance Minister Nirmala Sitharaman announced a major income tax relief in her Budget 2025 speech on Saturday, stating that no tax will be payable on annual incomes up to Rs 12 lakh under the New Tax Regime. With the standard deduction of Rs 75,000, this effectively raises the tax-free income threshold to Rs 12.75 lakh for salaried individuals. Revised Tax …

All income groups got a little something from the Budget
Trending News
1 month, 2 weeks ago

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Live Mint  

The Union Budget 2025 aimed to put more money in the hands of every income group—whether salaried professionals, gig workers, rental income earners, or senior citizens—by tweaking tax slabs, deductions, and exemptions. The Bill proposes that persons opting for the new personal tax regime in financial year 2025-26, and having income upto ₹12 lakh, will not be required to pay …

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1 month, 2 weeks ago

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India Today  

The Union Budget 2025 introduced major changes to the new income tax regime, making it more attractive for middle-class taxpayers. NEW TAX REGIME vs OLD TAX REGIME In the past, many taxpayers preferred the old tax regime because it allowed them to claim deductions for expenses like house rent, home loan interest, and investments in schemes like the Public Provident …

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1 month, 2 weeks ago

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Live Mint  

In the Union Budget 2025, Finance Minister Nirmala Sitharaman mentioned that the ‘nil income tax’ slab would be raised to ₹12 lakh; however, it is often misunderstood as a tax exemption or tax deduction. “To taxpayers up to Rs12 lakh of normal income tax rebate is being provided in addition to the benefit due to slab rate reduction in such …

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1 month, 2 weeks ago

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Live Mint  

Shaadi.com CEO Anupam Mittal appreciated the government's decision to levy zero tax on individuals earning up to ₹12 lakh, proposed in the Union Budget 2025. Anupam Mittal highlighted that the middle class has been a ‘punching bag,’ as they are taxed for every rupee they earn, while the rich get away by finding loopholes and businesses receive tax breaks. Taxed …

Income up to Rs 12 lakh is tax-free, but do you know the tax-exemption limit? Find out
Trending News
1 month, 2 weeks ago

Income up to Rs 12 lakh is tax-free, but do you know the tax-exemption limit? Find out

India TV News  

Tax-free vs tax exemption: In a major relief to middle-class salaried people, Finance Minister Nirmala Sitharaman hiked the tax rebate available to individual taxpayers. In her Budget speech, the finance minister said that individuals earning up to Rs 12 lakh will pay zero tax. "One crore more people will pay no income tax due to hike in rebate to Rs …

Earn over Rs 12.75 lakh? You can still pay zero tax under new regime
1 month, 2 weeks ago

Earn over Rs 12.75 lakh? You can still pay zero tax under new regime

India Today  

The new income tax regime got a major revamp in the Union Budget 2025, aimed at benefiting middle-class taxpayers. And with a standard deduction of Rs 75,000, salaried taxpayers earning up to Rs 12.75 lakh annually do not need to pay any tax. For an annual income of Rs 13.5 lakh, assuming a 50% basic salary of Rs 6.75 lakh, …

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1 month, 2 weeks ago

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India Today  

The Union Budget 2025 has introduced major changes to the new income tax regime, making it more attractive for salaried individuals. He also shared an example to show how the new tax regime changes will impact salaried taxpayers with incomes up to Rs 25 lakh: Kunal Savani, Partner, Cyril Amarchand Mangaldas, shared the new tax rates and slabs will benefit …

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1 month, 2 weeks ago

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Hindustan Times  

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Days of intrusive tax scrutiny over, taxpayer facilitation is the new mantra: CBDT chief Ravi Agarwal
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Live Mint  

The days of intrusive tax scrutiny and compliance enforcement are over and tax administration will be based purely on trust and greater reliance on data mining, Central Board of Direct Taxes chairperson Ravi Agrawal said in a post budget interview to Mint. Agarwal said that under the revamped new personal income tax regime, those with ₹24 lakh annual income will …

How Union Budget 2025 has seen the biggest tax break in 20 years
1 month, 2 weeks ago

How Union Budget 2025 has seen the biggest tax break in 20 years

Firstpost  

The Union Budget 2025-26 has delivered the largest tax exemption hike in two decades, allowing individuals earning up to Rs 12 lakh annually to pay zero income tax under the new regime. Under the new tax regime, individuals earning up to Rs 12 lakh annually will have zero income tax liability, marking a major relief for the salaried middle class. …

Tax Reforms In Budget 2025 Should Help Bring In Majority Of Taxpayers To New Income Tax Regime, Says CBDT Chairman
1 month, 2 weeks ago

Tax Reforms In Budget 2025 Should Help Bring In Majority Of Taxpayers To New Income Tax Regime, Says CBDT Chairman

ABP News  

CBDT Chairman, Ravi Agrawal, on Sunday said that revisions in the tax slabs should bring nearly all the individual taxpayers to the new income tax regime. Speaking in an interview with PTI, the Central Board of Direct Taxes executive said that the Budget 2025’s announcement of no tax on earnings up to Rs 12 lakh per annum should help the …

Income tax: 90% or more taxpayers may shift to new regime, says CBDT chief on Budget
1 month, 2 weeks ago

Income tax: 90% or more taxpayers may shift to new regime, says CBDT chief on Budget

Hindustan Times  

The Budget announcement of zero tax for earnings upto ₹12 lakh per annum and the rejig of tax slabs across the board should prompt more than 90 per cent of individual taxpayers to embrace the new tax regime as compared to the about 75 per cent as of now, CBDT Chairman Ravi Agrawal said on Sunday. The CBDT chief said …

Budget 2025: Earning above ₹12 lakh? Here’s how your tax could spike—or stay in check
1 month, 3 weeks ago

Budget 2025: Earning above ₹12 lakh? Here’s how your tax could spike—or stay in check

Live Mint  

Imagine getting a salary bump, only to find that your tax bill eats up most—if not all—of your raise. Thankfully, marginal relief has your back, ensuring that small increases in income don’t result in a huge spike in tax outgo. View Full Image Marginal relief ensures that the maximum tax outgo on income that marginally exceeds ₹ 12 lakh is …

No income tax up to Rs 12 lakh: What it means if you earn more
1 month, 3 weeks ago

No income tax up to Rs 12 lakh: What it means if you earn more

Firstpost  

In a major relief for the middle class, Finance Minister Nirmala Sitharaman announced that individuals earning up to Rs 12 lakh will no longer have to pay income tax. FM Sitharaman increased the exemption threshold from Rs 7 lakh to Rs 12 lakh in the new income tax regime. Pixabay/Representational Image Union Finance Minister Nirmala Sitharaman has delivered a massive …

’PM Modi was very clear...’: What FM Nirmala Sitharaman said on income tax relief up to ₹12 lakh
Top News
1 month, 3 weeks ago

’PM Modi was very clear...’: What FM Nirmala Sitharaman said on income tax relief up to ₹12 lakh

Live Mint  

Nirmala Sitharaman announced a major overhaul of the income tax system while outlining the Budget on Saturday. Individuals earning up to ₹12 lakh annually will no longer have to pay any tax under the new income tax regime — with benefit of ₹80,000. Sitharaman announced on Saturday that there would be “no income tax payable up to income of ₹12 …

Read what is Marginal Relief and how it works for income above exemption limit
1 month, 3 weeks ago

Read what is Marginal Relief and how it works for income above exemption limit

Op India  

The budget for 2025-26 has provided major relief for the middle class by reducing the income tax burden. The marginal relief was introduced under the New Tax Regime to ensure that taxpayers with income slightly above the exemption limit do not pay excessive tax compared to those earning below the limit. As a result of this marginal relief, taxpayers earning …

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