New Income Tax Bill: Good news has come from the central government for the salaried class. In this good news, the middle-class people will not have to pay a single rupee tax on income up to Rs 4 lakh and will get a tax benefit on income up to Rs 12 lakh. Let us tell you that the Income Tax Bill 2025 has been passed in the Parliament recently. It will be implemented from April 1, 2026.
Let us tell you that in this new system, the tax slab has been made easier. The rules have been made cleaner than before. Under this rule, people will get the benefit of tax exemption on their income. The government is going to end the hassle of filing by implementing this rule. This rule will save people’s money. Let us know about it in detail.
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Know what the provisions are
Let us tell you that in the Income Tax Bill 2025, salaried and middle-class taxpayers will get a lot of relief. In this new tax system, no tax will have to be paid up to 4 lakhs. At the same time, a 5 percent tax has been implemented on 4 to 8 lakhs, 10 percent on 8 to 12 lakhs, and 15 percent on 12 to 16 lakhs. Along with this, under 87A, a rebate of 60 thousand rupees will be available on an income of 12 lakhs. After this, by adding a standard deduction of 75 thousand rupees, tax will not have to be paid on income up to 12.75 lakhs. This rule will be implemented on 1 April 2026.
How much tax exemption will be available?
In the new Income Tax Bill 2025, under section 87A, now those with income up to 12 lakhs will get a rebate of up to 60 thousand rupees. This means that by adding a standard deduction of 75 thousand, no tax will have to be paid on salary income up to 12.75 lakhs. Earlier in the tax system, this rebate was available only on income up to 7 lakhs. Which has been increased at present. In the old tax system, the limit of section 87A will remain 5 lakh rupees, and the rebate will remain 12,500 as before. However, this rebate will not apply to special income, like short-term capital gain.
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Under the new system, 5% tax will be levied on 4 to 8 lakhs, 10% on income of 8 to 12 lakhs, 15% on income of 12 lakhs to 16 lakhs per tax slab. Apart from this, 20% tax will be levied on income of 16 lakhs to 20 lakhs, and 25% tax on income of up to 24 lakhs. 30% tax will be levied on income of more than 24 lakhs.