24.5 C
State of Tripura
Wednesday, July 2, 2025

Tripura to become medical hub, announces CM Manik Saha

Tripura CM Manik Saha announces plans to...

Biplab Deb: “No woman is safe in Bengal under Mamata”

A BJP fact-finding team probing the alleged...

Jitendra Chaudhury slams BJP: “Democracy being slaughtered daily in Tripura”

CPI(M) leader Jitendra Chaudhury accused the BJP-led...

Union Budget 2025-26: Major Tax Relief for Middle Class, New Income Tax Slabs Announced

Tripura Net
Tripura Net
www.tripuranet.com is a daily news, news article, feature, public opinion, articles, photographs, videos etc –all in digital format- based website meant to disseminate unbiased information as far possible as accurate.

Must Read

In a significant move to benefit the Indian middle class, Finance Minister Nirmala Sitharaman announced on Saturday that individuals with annual incomes up to ₹12 lakh will be exempt from income tax, with the threshold extended to ₹12.75 lakh for salaried taxpayers, accounting for the standard deduction.

|Also Read : Union Budget 2025-26: Experts Say, Enhanced Tax Exemption Expected to Strengthen Middle-Class Spending and Savings   

https://tripuranet.com/tnet/union-budget-2025-26-experts-say-enhanced-tax-exemption-expected-to-strengthen-middle-class-spending-and-savings-22034.html

The revised tax structure under the new regime is as follows:

  • ₹0 – ₹4 lakh: No tax
  • ₹4 lakh – ₹8 lakh: 5%
  • ₹8 lakh – ₹12 lakh: 10%
  • ₹12 lakh – ₹16 lakh: 15%
  • ₹16 lakh – ₹20 lakh: 20%
  • ₹20 lakh – ₹24 lakh: 25%
  • Above ₹24 lakh: 30%

These adjustments aim to substantially reduce the tax burden on the middle class.

Presenting the Union Budget 2025-26, FM Sitharaman also proposed several other tax-related measures:

  • Tax Deduction at Source (TDS) Rationalization: TDS rates will be streamlined to simplify the tax process.

  • Senior Citizens’ Tax Deduction Limit: The limit for tax deductions for senior citizens will be doubled to ₹1 lakh.

  • Updated Return Filing Extension: The timeframe to file updated tax returns will be extended from two years to four years.

  • Liberalised Remittance Scheme (LRS) TDS Threshold: The threshold for TDS on remittances under the LRS will be increased from ₹7 lakh to ₹10 lakh.

  • TDS on Rent: The annual limit for TDS on rent will be raised from ₹2.4 lakh to ₹6 lakh.

  • Decriminalization of TCS Payment Delays: Delays in payment of Tax Collected at Source (TCS) up to the due date will be decriminalized.

  • TCS Waiver on Educational Loans: TCS on remittances for education loans will be waived.

  • National Savings Scheme (NSS) Withdrawals: Withdrawals from NSS accounts on or after August 2024 will be exempt from tax.

The Budget Session of Parliament commenced on January 31 and will be conducted in two phases: the first phase from January 31 to February 13, and the second phase from March 10 to April 4.

- Advertisement -
spot_img
spot_img
spot_img

Latest News

PM Modi to begin his five-nation visit, To reach Ghana on 1st leg this afternoon –

Prime Minister Narendra Modi will embark on a five-nation visit to Ghana, Trinidad and Tobago, Argentina, Brazil,...