Old Tax Regime 2025 News

Income Tax Slabs Union Budget 2025: Finance Minister Nirmala Sitharaman announced key changes to the income tax slabs under the new tax regime, which will impact your taxes for the FY 2025-26 The decision to switch to the new regime or remain in the old one depends on the deductions and exemptions you're eligible for under the old regime. While there is no tax on income up to Rs 12 lakh, does that mean someone earning Rs 15 lakh will only pay tax on Rs 3 lakh?  No, the rebate applies only to those earning up to Rs 12 lakh. With the ₹75,000 standard deduction in effect, individuals earning up to ₹12,75,000 will receive a full tax waiver. However, those exceeding this limit will be taxed under the new tax regime for 2025. If your taxable income is even a rupee more than Rs 12 lakh, you will be taxed according to the slab rates under the new tax regime. Previously, those earning up to Rs 12 lakh paid a tax of Rs 80,000 under the new tax regime.