LIVE Union Budget 2025: On February 1, Union Finance Minister Nirmala Sitharaman presented the Lok Sabha with her eighth consecutive Union Budget 2025. Along with a number of other changes, Sitharaman declared that under the new tax system, salaried people would not be required to pay income tax on amounts up to ₹12.75 lakh.

Nirmala Sitharaman also suggested rationalizing tax deduction at source (TDS) in the Union Budget 2025 by lowering the number of rates and thresholds at which TDS is withheld. Rent payments, remittances, the National Savings Scheme (NSS), NPS Vatsalya, higher education, the sale of goods, and the decriminalization of offenders were among the other significant reforms that were implemented.

According to Nirmala Sitharaman, the new tax plan unveiled in the Union Budget 2025 will benefit more than one crore taxpayers.

Key changes in Income Tax Slabs in Budget 2025:

FM Nirmala Sitharaman announced zero income tax on income up to ₹12 lakh income under the new tax regime. Here are the following tax slabs and rates: