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The Indian government has introduced significant changes to the income tax structure for the financial year 2025-26, which will come into effect from April 1, 2025. These reforms aim to simplify the tax system, reduce tax liabilities, and encourage more taxpayers to opt for the new tax regime. The new tax slabs, rebates, and other rules will help shape financial planning for millions of taxpayers in India.
Income Tax Rates Under the New Regime
The new income tax slabs for FY 2025-26 are designed to be more favorable than those in previous years, with an increased basic exemption limit and enhanced rebates:
These revised rates are part of the new tax regime, which is now the default option. Taxpayers must actively opt out if they want to continue under the old tax regime and claim deductions and exemptions [1][3].
One of the most significant changes is the increase in the rebate under Section 87A from Rs 25,000 to Rs 60,000. This rebate ensures that individuals with net taxable income up to Rs 12 lakh will not have to pay any income tax. With a standard deduction of Rs 75,000 available under the new regime, the effective tax-free income can be up to Rs 12.75 lakh for salaried employees [1][5].
The old tax regime continues to allow popular deductions like Section 80C (Rs 1.5 lakh for specified investments), Section 80D (health insurance premiums), and Section 80TTA (interest on savings accounts). However, it does not offer the same low tax rates as the new regime. The choice between regimes depends on individual financial situations and the value of available deductions [1][4].
Other notable changes include:
For salaried employees, several provisions offer significant advantages:
The new tax slabs and rebates are designed to encourage taxpayers to transition to the new tax regime. However, it's crucial for taxpayers to evaluate both regimes based on their specific financial circumstances and available deductions.
To maximize benefits under the new tax slabs, consider the following strategies:
The new income tax slabs and rules from April 1, 2025, mark a significant shift in India's tax landscape. These changes aim to reduce tax burdens and simplify compliance. As taxpayers navigate these reforms, careful planning and awareness of the rules will be essential to maximize benefits and minimize liabilities.
