People with income of 24 lakhs will save Rs 1.1 lakh
Budget 2025: Union Finance Minister Nirmala Sitharaman presented the country’s budget for the next financial year on Saturday. The Finance Minister in his budget speech announced the new tax slab under the new tax system, which will benefit crores of taxpayers. Till now, taxpayers with income up to Rs 7 lakh are exempted under section 87A. But under the new tax slab, income up to Rs 12 lakh will be completely tax free.
New tax slab rates will be applicable from April 1, 2025
The Finance Minister said that the tax exemption will save more money for the middle class people and at the same time they will be able to increase money in investment and also save. The new tax slab rates will be applicable from April 1, 2025, after which people will not have to pay any kind of tax on annual income up to Rs 12 lakh.
People with income of 24 lakhs will save Rs 1.1 lakh
Nirmala Sitharaman held a press conference after presenting the budget in Parliament. The Finance Minister told in the press conference that on one side people with income of Rs 12 lakh will not have to pay a tax of Rs 1. On the other hand, people with income of Rs 24 lakh will be able to save a tax of Rs 1.1 lakh, which will directly add Rs 1.1 lakh to their savings. In fact, people with income up to Rs 24 lakh under the new tax slab will have to pay 1.1 lakh rupees as tax.
Tax of Rs 3 lakh will have to be paid instead of 4.1 lakh
Talking about tax savings, the Finance Minister said that there will be an extra savings of Rs 30,000 with the help of a new slab in the pocket of taxpayers on income of Rs 8 lakh. Similarly, there will be a tax savings of up to Rs 80,000 for those earning Rs 12 lakh. At the same time, those with income up to Rs 24 lakh have to pay a tax of Rs 4.1 lakh at present, but according to the new slab, they will be helped to save Rs 1.1 lakh.
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