Rates of income-tax in respect of income liable to tax for the assessment year 2025-26.

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....tionalisation of various provisions. The Bill also seeks to amend the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 [UTI Repeal Act, 2002]. With a view to achieving the above, the various proposals for amendments are organized under the following heads:-- (A) Rates of income-tax; (B) Measures to promote investment and employment; (C) Simplification and Rationalisation; (D) Socio economic welfare measures (E) Tax administration; DIRECT TAXES Introduction The provisions of Finance Bill, 2025 (hereafter referred to as "the Bill"), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as 'the Act'), to continue reforms in direct tax system through tax reliefs,....

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....", deduction of tax at source from "Salaries" and charging of tax payable in certain cases for the assessment year 2025-26 would now become Part I of the First Schedule. Part III would now apply for the assessment year 2026-27. Tax rates under section 115BAC-- For assessment year 2025-26, as per the provisions of sub-section (1A) of section 115BAC of the Act, an individual or Hindu undivided family or association of persons [other than a co-operative society], or body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2, has to pay tax in respect of the total income at following rates: Sl. No. Total income Rate of tax (1) (2) (3) 1. Upto Rs. 3,0....