https://www.taxtmi.com/news?id=32429 The Budget revises the personal income tax structure under the new tax regime by establishing a reworked slab schedule and an explicit exemption threshold. Exemption up to Rs 12 lakh of annual income is introduced so that persons at or below that threshold will not owe income tax; for salaried taxpayers the effective exempt threshold can increase by the standard deduction. The schedule subdivides taxable income into successive bands with progressively higher rates, and the mechanism applies to taxpayers opting for the new regime for the 2025-26 fiscal year. en-us Sat, 01 Feb 2025 16:31:03 +0530 Sat, 01 Feb 2025 16:31:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=32429 The Budget revises the personal income tax structure under the new tax regime by establishing a reworked slab schedule and an explicit exemption threshold. Exemption up to Rs 12 lakh of annual income is introduced so that persons at or below that threshold will not owe income tax; for salaried taxpayers the effective exempt threshold can increase by the standard deduction. The schedule subdivides taxable income into successive bands with progressively higher rates, and the mechanism applies to taxpayers opting for the new regime for the 2025-26 fiscal year. News - Sat, 01 Feb 2025 16:31:03 +0530 https://www.taxtmi.com/news?id=32429