Budget 2025: No income tax up to Rs. 12 lakhs..!?
It has been announced in the central government's budget that there will be no tax on income up to Rs. 12 lakhs per year. According to the last budget, the personal income tax exemption, which was Rs. 7 lakh, has now been increased to Rs. 12 lakh. After 2014, the personal income tax exemption was increased to Rs. 2.5 lakh. Following that, the personal income tax exemption was increased to Rs. 5 lakh in 2019. Moreover, in 2023, the personal income tax exemption was increased to Rs. 7 lakh. As a result, the personal income tax exemption has now been increased to Rs. 12 lakh. In addition to the regular exemption of Rs. 75 thousand, monthly salaried workers do not have to pay income tax on income up to Rs. 12.75 lakh. It has been announced that there will be no tax on foreign income between Rs. 7 lakh and Rs. 12 lakh. The new income tax exemption announcement is designed to meet the expectations of the middle class.
It has been announced in the central government's budget that there will be no tax on income up to Rs. 12 lakhs per year. According to the last budget, the personal income tax exemption, which was Rs. 7 lakh, has now been increased to Rs. 12 lakh. After 2014, the personal income tax exemption was increased to Rs. 2.5 lakh. Following that, the personal income tax exemption was increased to Rs. 5 lakh in 2019. Moreover, in 2023, the personal income tax exemption was increased to Rs. 7 lakh. As a result, the personal income tax exemption has now been increased to Rs. 12 lakh. In addition to the regular exemption of Rs. 75 thousand, monthly salaried workers do not have to pay income tax on income up to Rs. 12.75 lakh. It has been announced that there will be no tax on foreign income between Rs. 7 lakh and Rs. 12 lakh. The new income tax exemption announcement is designed to meet the expectations of the middle class.
Income tax bracket:
Income between Rs 0 and Rs 4 lakh will not be taxed.
5 percent tax will be levied on annual income between Rs. 4 lakh and Rs. 8 lakh,
10 percent tax on annual income between Rs. 8 lakh and Rs. 12 lakh,
15 percent tax on annual income between Rs. 12 lakh and Rs. 16 lakh,
20 percent tax on annual income between Rs. 16 lakh and Rs. 20 lakh,
25 percent tax on annual income between Rs. 20 lakh and Rs. 24 lakh, and 30 percent tax on income above Rs. 24 lakh.
Income tax exemption limits increase in which year?
2005: Rs. 1 lakh
2012: Rs. 2 lakh
2014: Rs. 2.5 lakh
2019: Rs. 5 lakh
2023: Rs. 7 lakh
2025: Rs. 12 lakh
