- Tax Exemption Limit Raised
Basic Tax Exemption limit extended till 12 Lakhs. - Middle-Class Tax Relief
In major relief for middle class, Nirmala Sitharaman announced that no income tax would be payable up to income of Rs 12 lakh. - New Tax Slabs Rates
In the new tax regime, the revised tax rate structure will stand as follows:
Rs 0-4 lakh — Nil
Rs 4-8 lakh — 5%
Rs 8-12 lakh — 10%
Rs. 12-16 lakh — 15%
Rs 16-20 lakh — 20%
Rs 20-24 lakh — 25%
Above Rs 24 lakh — 30% - TDS Limit on Rent Increased
Union Finance Minister Nirmala Sitharaman, in a major Budget announcement, said that the annual limit for TDS on rent has been raised from Rs 2.40 lakh to Rs 6 lakh, benefiting small taxpayers receiving smaller payments. - Senior Citizens Get Higher Tax Deduction
Limit for tax deduction on interest for senior citizens to be doubled from ₹50,000 to ₹1 lakh. - Higher Tax Collection on Remittances
Threshold to collect tax at source on remittances under RBI’s Liberalized Remittance Scheme to be raised from ₹7 lakh to ₹10 lakh. - New Income Tax Bill Coming Soon
Union Finance Minister Nirmala Sitharaman announced that the government proposes to introduce a new Income Tax Bill next week. - Higher TDS Limit for Non-PAN Cases
Higher TDS limit to apply only in case of Non PAN cases. - Extended Time for Updated Returns
Time limit for filing Updated return extended to 4 years from the present 2 years for any AY. - Two Self-Occupied Properties Deduction
2 Self-occupied properties can be claimed as deduction from House property without any conditions. - Startup Benefit Extended
Startup benefit extended till 31-3-2030.
- February 1, 2025
- Updated: 10 months ago
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SUMMARY OF THE UNION BUDGET 2025-2026
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