GUWAHATI: In a major relief to taxpayers, the Centre has announced that individuals earning up to ₹12 lakh per annum will now be exempt from paying income tax. This was announced in the Union Budget 2025 presented by Union Finance Minister Nirmala Sitharaman on February 1, Saturday.
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The revised tax exemption limit marks a substantial increase from the previous threshold, reducing the tax burden on middle-class and salaried individuals. The government aims to boost disposable income, increase consumer spending, and stimulate economic growth through this measure.
The following are income tax slabs under the new tax regime:
₹ 4 to 8 lakh - 5%
₹ 8 to 12 lakh - 10%
₹12 - 16 lakh - 15%
₹ 16 - 20 lakh - 20%
₹ 20 - 24 lakh - 25%
₹ 24 lakh plus - 30% income tax slab