Income Tax Budget 2025 Live Updates: No Payable Tax for Income Up to Rs 12 Lakh, Announces FM Sitharaman

1-Feb-2025, Delhi : FM Nirmala Sitharaman, presenting the first full Budget of Modi 3.0, announced major changes to the income tax system, offering significant relief to the middle class. One of the key changes is the exemption from income tax for individuals earning up to Rs 12 lakh. This decision is expected to reduce the tax burden and boost disposable income for millions of taxpayers.

In addition to the income tax relief, Sitharaman made important changes in the Tax Deducted at Source (TDS) system. The annual limit for rent payments has been raised from Rs 2.40 lakh to Rs 6 lakh. This change is aimed at benefiting small taxpayers who receive smaller payments, making it easier for them to manage their finances.

The revised income tax slabs are as follows:

The Finance Minister also announced plans to introduce a new Income Tax bill next week. The bill will focus on a “trust first, scrutinize later” approach, aimed at reducing unnecessary tax audits and simplifying the process for taxpayers.
In another significant reform, Sitharaman revealed that Foreign Direct Investment (FDI) in the insurance sector will be raised to 100% from the current cap of 74%. This move is expected to boost investment and create new growth opportunities within the insurance industry.
These announcements reflect the government's efforts to promote economic growth, increase investment, and provide relief to taxpayers during challenging times.

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