Budget 2025 Highlights | New Income Tax 2025-26: BUMPER Tax Booster For Salaried, Middle Class; No Income Tax For Income Up To Rs 12 Lakh

Budget Live Updates | New Income Tax 2025-26: Tax Slab; Zero Income Tax Till Rs 12 Lakh Income Under New Tax Regime

0-4 lakh rupees: Nil
4-8 lakh rupees: 5%
8-12 lakh rupees: 10%
12-16 lakh rupees: 15%
16-20 lakh rupees: 20%
20-24 lakh rupees: 25%
Above 24 lakh rupees: 30%

Budget Live Updates | New Income Tax 2025-26: Rationalizing TDS/TCS

Limit for tax deduction on interest for senior citizens to be doubled from Rs 50,000 to Rs 1 lakh

Annual limit for TDS on rent to be increased from Rs 2.40 lakh to Rs 6 lakh

Threshold to collect tax at source on remittances under RBI’s Liberalized Remittance Scheme to be raised from Rs 7 lakh to Rs 10 lakh

Budget Live Updates | New Income Tax 2025-26: Tax Reforms to Improve Ease of Doing Business

Scheme to be introduced for determining arm's length price of international transaction for a block period of three years, to streamline transfer pricing and to provide an alternative to yearly examination

Tax exemption to be provided on withdrawals made from National Savings Scheme by individuals on or after 29th August, 2024

Budget Live Updates | New Income Tax 2025-26: New Income-tax Bill to be Introduced 

New bill will be clear and direct in text with close to half of the present law

Will be simple to understand, leading to tax certainty and reduced litigation

Budget Live Updates | New Income Tax 2025-26: FM proposes to remove 7 tariff rates 

As a part of a comprehensive review of customs rates structure announced in the July 2024 budget, FM proposes to remove 7 tariff rates - this is over and above the tariffs removed in the 2023-24 budget

Budget Live Updates | New Income Tax 2025-26: Focus On Infra

Sudeep Mehrotra says, "In the past 10 years, there has been a consistent increase in the infra spent by the government. And there has been increasingly more clarity in terms of how various components of infra are integrated to create the backbone of our economy. What's still to be seen is that as we grow year after year at 7, 8% and by 2047, reach the idea of Viksit Bharat, it's very important that some of the sectors which support the backbone are actually lead. They grow first and then the demand catches up..."

Budget Live Updates | New Income Tax 2025-26: Corporate Tax Rates & Compliance Regime

KPMG in India's Direct Tax simplification Survey has found: 

-- 58% favor reducing corporate tax rates, citing high effective tax rates, including dividend taxes.

-- 34% believe the current rates are fine, and 7% want reductions only for non-resident companies.

-- 43% say the simplified/concessional tax regime has eased compliance, while 24% disagree, and 33% have not yet adopted it.

Budget Live Updates | New Income Tax 2025-26: Raise Tax Free Exemption Limit

Experts and salaried individuals demand that the tax-free income threshold should be increased to Rs 10 lakh, with a 10% rate for income up to Rs 20 lakh, a 20% rate for income up to Rs 30 lakh, and a 30% rate for incomes above Rs 30 lakh

Budget Live Updates | New Income Tax 2025-26: Streamline TDS, TCS At Source

Ashish Agrawal, Partner, Dhruva Advisors said, "The government should consider proposals to streamline Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) provisions. To spur private investments, employment, and exports, the government should consider introducing targeted incentives."

Live Updates | New Income Tax Slabs 2025-26: Personal Income Tax Changes

Aakash Uppal, Partner & Leader (North & East), Corporate Tax, Tax and Regulatory Services, BDO India said, "Under the existing tax regime, individuals with annual earnings up to INR 5 lakhs are exempt from paying taxes, while the new tax regime raises this threshold to INR 7 lakhs, aiming to provide more relief to taxpayers. The Government is expected to further enhance the new tax regime by increasing the basic exemption limit, adjusting tax slabs, and raising the standard deduction. Additionally, there is speculation that the Government may introduce a sunset clause for the old tax regime, gradually phasing it out in favor of the new system. These measures would make the new tax regime more taxpayer-friendly, encourage savings and investments, and support economic growth.