New Financial Rules: the government presented the budget for the new financial year, which will start coming into effect from tomorrow, April 1, 2025. However, when will the benefits of which schemes will be available, it will depend on their process. Usually, benefits like income tax exemption or subsidy come into effect from April 1. On the other hand, it takes time to get the benefit of other schemes, because they have to go through a long process while implementing them on the ground. Today we will give you information about which 6 major changes are going to be implemented from April 1, 2025, which will directly affect you.
Changes in Tax Lab
Changes in tax slab will come into effect from April 1, 2025. Under these, now no tax will have to be paid on income up to Rs 1,2,00,000. For those who work, this exemption will be Rs 12.75 lakh with a standard deduction of Rs 75,000. On the other hand, a new slab of 25% tax has been included for those whose income is between 20 to 24 lakhs.
0 tax will be levied on income up to 12 lakhs
In the new tax regime, there will be no tax on income up to 12 lakhs. Now 0% will be levied on income from 0 to 4 lakhs, 5% on 4 to 8 lakhs, 10% on 8 to 12 lakhs, 15% on 12 to 16 lakhs, 20% on 16 to 20 lakhs, 25% on 20 to 24 lakhs and 30% tax on income above 24 lakhs. It is worth noting that the government waives 5% tax on income from 4 to 8 lakhs and 10% tax on income from 8 to 12 lakhs. That is, there will be no tax on income up to 12 lakhs.
Rates of these products will be revised
In the budget presented by the government, the custom duty on some products was changed. Its effect is going to be on 150 to 200 products. Due to this, the rates of some things will increase and some things may become cheaper. The things that will become cheaper include imported cars, motorcycles, EV etc. Prices of smart meter solar cells, imported shoes, imported candles, imported boats, other ships, PVC flex films, PVC flex sheets, PVC flex banners, cloth made from knitting process, LCD / LED TV may increase.