Zero tax, TDS exemptions, TCS removal: How Budget 2025 affects your income

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Zero tax, TDS exemptions, TCS removal: How Budget 2025 affects your income - Business Standard

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Note: NPS Vatsalya is a dedicated pension plan designed for minor children in India, allowing parents or guardians to open an NPS account on their behalf and contribute regularly towards their future financial security until they turn 18 years old; essentially, it's a way to start saving for a child's retirement from a young age by inculcating a savings habit early on.

Finance Minister Nirmala Sitharaman announced that individuals earning up to Rs 12 lakh annually under the new tax regime will not pay any income tax.

Sitharaman raised the limit of income tax rebate from Rs 7 lakh to Rs 12 lakh, which means that if an individual has an income of up to Rs 12 lakh, she will have zero tax liability.