Union Finance Minister Nirmala Sitharaman is set to announce Union Budget 2025-2026 on February 1 .
As a relief to taxpayers, the upcoming Union Budget 2025-2026 may see significant changes to the new tax regime. These include making annual income of up to Rs 10 lakh tax free and introducing a new 25% tax slab for annual income between Rs 15 lakh and Rs 20 lakh, Business Standard reported citing government sources.
Union Finance Minister Nirmala Sitharaman is set to announce Union Budget 2025-2026 on February 1. Salaried taxpayers eagerly await rebates and tax reductions under both the tax regimes from the annual budget.
Currently, under the new tax regime, salaried taxpayers earning up to Rs 7.75 lakh per annum effectively have no tax liability . Income over Rs 15 lakh per annum falls under the highest tax slab of 30%. The Business Standard report suggested that government is evaluating the changes.