 "Budget 2025: New tax regime to ease skewed tax burden on middle class")
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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