Income tax relief for the middle class! Top 5 income tax changes from Budget 2025 you should know

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Times of India 2h ago

Income tax relief for the middle class! Top 5 income tax changes from Budget 2025 you should know - Times of India

Quick Summary:

Budget 2025 income tax slab changes FY 2025-26: Finance Minister Nirmala Sitharaman presented Budget 2025 addressing the middle class by increasing the rebate limit under Section 87A to INR 12 lakh and enhancing the basic exemption limit to INR 4 lakh.

No tax for a large number of taxpayers: The proposal to increase the rebate limit under Section 87A of the Income-Tax Act, 1961, from INR 7 lakh to INR 12 lakh is set to reduce the tax liability to “zero” for a large number of taxpayers.

Today's proposals rightly focused on middle-income taxpayers, marking a significant step for the government to forgo one lakh crore of revenue.