What are the current income tax slabs? ||#shorts #incometax #india #incometaxes #news #ytshorts #gk

Budget 2025: How the old and new income tax regime slabs, rates stack up With less than five days to go for Budget 2025, speculations are rife over the possible income tax announcements that Finance Minister Nirmala Sitharaman could unveil on February 1. These include a hike in the basic exemption limit to Rs 10 lakh and the introduction of a new tax slab of 25 percent under the new, minimal exemptions regime. Then, there are expectations that the standard deduction will be raised to Rs 1 lakh. Since its introduction in 2020, the new regime is being incentivised as the government wants to encourage taxpayers to switch to the new, minimal exemptions and compliance regime. Now, the clamour for making it more taxpayer friendly is growing and it remains to be seen if the finance minister yields to the suggestions and demands from individual taxpayers as well as corporates. If Budget 2025 allows further tax concessions in the new tax regime, taxpayers will have to, once again, choose between the two regimes. The new tax regime has indeed become more appealing over the years, but many taxpayers still find that their tax outgo is lower under the old tax regime for the financial year 2024-25. #shorts #shortvideo #shortfeed #income #incometax #incometaxreturn #incometaxact #tax #budget #taxpayer #news #newsupdate #dailynews #dailyupdates #breakingnews #trending #trendingshorts #trendingnews #finance #financeminister #budget2025 #latestnews #latestupdate #youtubeshorts #youtube #ytshorts #ytviral #india #indianews #corporate #taxation #nirmalasitharaman #dailycurrentaffairs #generalknowledge #generalawareness #general_knowledge