LIVE Updates on the Income Tax Slabs Budget 2025: Income tax-free up to Rs 12 lakh per year

FM Sitharaman lowers income tax to ₹12 lakh
FM Sitharaman lowers income tax to ₹12 lakh

Story by Rakhsha Bhattacharjee

Finance Minister Nirmala Sitharaman said that, among other adjustments to the tax band, individuals with yearly incomes up to Rs 12 lakh would not be required to pay income tax in 2025.

Revenue Tax Rates and Slabs 2025 Budget LIVE Updates:

On Saturday, the Union Budget 2025 was introduced in Parliament by Finance Minister Nirmala Sitharaman. Starting at 11 a.m. today, the Lok Sabha session will begin, marking FM Sitharaman’s ninth consecutive budget presentation. Among other tax slab adjustments, FM Sitharaman declared that individuals earning up to Rs 12 lakh annually would not be required to pay income tax.Union Budget 2025–26: New income tax slab with annual income tax rates of

  • Rs 0–4 lakh NIL
  • Rs 4–8 lakh 5%
  • 10 percent of Rs 8–12 lakh
  • 15 % of Rs 12-16 lakh
  • 20% of Rs 16–20 lakh
  • 25 percent of Rs 20–24 lakh
  • 30 percent of Rs 24 lakh

Expected changes to the old and new tax regimes:

The standard deduction ceiling under the old and new tax regimes is anticipated to increase in this year’s Union Budget, according to taxpayers.

To help the middle class, FM Sitharaman is anticipated to announce new tax slabs under the new tax regime today. He will also likely announce deductions for home loans, life insurance, and healthcare policy premiums. At the moment, a standard deduction of Rs 50,000 is available under the previous tax regime, and Rs 75,000 is available under the current one. An increase in these rates is anticipated to boost the middle class’s spirits.

Budget Session 2025 Day 1:

Following President Droupadi Murmu’s inauguration speech and Vice-President Jagdeep Dhankhar’s speech, Prime Minister Narendra Modi gave a brief address on the first day of the Budget session in Parliament. F.M. India’s GDP is expected to increase between 6.3% and 6.8% in FY26, according to the Economic Survey 2024-25, which Nirmala Sitharaman presented to the Lok Sabha and Rajya Sabha on Friday.

The government intends to enhance long-term industrial growth by emphasizing capital goods, micro, small, and medium-sized businesses (MSMEs), and research and development (R&D), according to the poll.

Live Updates on the Income Tax Budget for 2025:

India will become a USD 30 trillion economy thanks to the Union Budget 2025: Amitabh Kant Former NITI Aayog CEO Amitabh Kant has hailed the Union Budget 2025 as one of the most progressive and forward-thinking financial plans.

He thinks it lays the groundwork for India’s economy to grow steadily over the next thirty years at an average of 8 to 9 percent. The budget, according to Kant, is in keeping with India’s goals.

“This is a budget designed for continuous growth at 8-9 percent over the next 30 years, helping India transition from a USD 4 trillion to a USD 30 trillion economy and boosting GDP ninefold and per capita income eightfold.” Although the middle class receives substantial relief from the budget, Kant stated that after the Income Tax Bill is put into effect, its actual effects will become evident.

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