Charting a new growth path: New tax regime eases middle-class burden
Share of middle class in income tax increased till 2023-24 while TDS has been rationalised by reducing the number of rates and adjusting threshold limits
 "Budget 2025: New tax regime to ease skewed tax burden on middle class")
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Challenges
- While the number of income-tax returns filed has increased, a number of filers reported limited income. More than 80 per cent of individuals reported income of less than Rs 10 lakh a year
- Share of middle class in income tax increased till 2023-24
Takeaways
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- No income tax is payable under the new regime for annual incomes up to Rs 12 lakh (Rs 1 lakh per month), excluding capital gains
- Tax deducted at source (TDS) rationalised by reducing the number of rates and adjusting threshold limits
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Topics : Income tax Budget 2025 Union Budget Tax Saving taxes
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First Published: Feb 01 2025 | 10:29 PM IST