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Finance Minister Nirmala Sitharaman has unveiled the new income tax slabs, offering significant tax relief, especially for the middle class. Under the new system, those with an annual income of up to Rs 12 lakh will have zero tax liability, making it easier for people to save and spend.
- Tax Slabs:
- Rs 0-4 lakh: No tax
- Rs 4-8 lakh: 5% tax
- Rs 8-12 lakh: 10% tax
- Rs 12-16 lakh: 15% tax
- Rs 16-20 lakh: 20% tax
- Rs 20-24 lakh: 25% tax
- Above Rs 24 lakh: 30% tax
- Middle-Class Relief: The government has provided zero tax for annual earnings up to Rs 12 lakh, offering a substantial tax bonanza for middle-class taxpayers.
- Tax Rebate: The rebate under the new regime will make tax payments lighter and easier for most people in the lower to middle-income brackets.
The new tax system aims to reduce the financial burden on individuals and increase their disposable income, fostering greater economic growth and consumer spending.
Also Read: Key Takeaways from Union Budget 2025
