Major announcements of Union Budget 2025

01-Feb-2025 12:24 PM

Major announcements of Union Budget 2025
Changes in income tax slabs in the budget
★ No tax on income up to 12 lakhs for salaried taxpayers.
★ In the new tax regime, 5% tax has been kept on income up to 4-8 lakhs, 10% tax on income of 8-12 lakhs, 15% tax on income of 12-16 lakhs, 20% tax on income of 16-20 lakhs, 25% tax on income of 20-24 lakhs and 30% tax on income above 24 lakhs.
~~~~~~~~~~
★ The limit of TDS on rent has been increased from 2.4 lakhs to 6 lakhs.
★ Tax relief on 2 self-occupied houses as well.
★ The time limit for filing tax has been increased to 4 years.
★ Custom duty will be removed on 36 life saving medicines.