Budget 2025 for Salaried Taxpayers
What's the wishlist for Salaried Taxpayers from the upcoming full Budget for 2025-2026. The Budget will be tabled on February 1 and is likely to focus on boosting consumption and capex. On Financial Express Read More.., we offer you a detailed list of expectation and announcements for Salaried Taxpayers on its dedicated page Who Got What. Navigate through all the declarations at a glance from the current and past Union Budgets on this page.
Budget 2025-26 Announcements for Salaried Taxpayers
Salaried Taxpayers
- New tax slabs announced under the new tax regime.
- Individuals earning up to Rs 12 lakh will pay NIL tax.
- Annual income up to Rs 18 lakh will save up to Rs 70,000 in tax.
- Income up to Rs 4 lakh (per annum) – Nil.
- Between Rs 4 and 8 lakh – 5%.
- Between Rs 8 and 12 lakh – 10 per cent
- Between Rs 12 and 16 lakh – 15 per cent
- Between Rs16 and 20 lakh – 20 per cent
- Between Rs 20 and 24 lakh – 25 per cent
- Above Rs 24 lakh – 30 per cent
Who Got What
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Budget Announcements for Salaried Taxpayers in FY2025
Salaried Taxpayers
- Relief in standard deduction increased from Rs 50 thousand to Rs 75 thousand.
- Big changes in the new tax regime, benefit of Rs 17.5 thousand. No change in the old one.
- Income up to Rs 3 lakh is tax free in the new tax regime.
- 5% income tax from Rs 3 to 7 lakh.
- 10% income tax from Rs 7 to 10 lakh.
- 15% income tax from Rs 10 to 12 lakh.
- 20% income tax from Rs 12 to 15 lakh.
- Income above Rs 15 lakh will be taxed at 30%.
- 20% TDS withdrawn on repurchase of mutual funds or UTIs.
Budget Announcements for Salaried Taxpayers in FY2024
Salaried Taxpayers
- Taxpayers earning up to Rs 7 lakhs will not have to pay taxes as compared to the current limit of Rs 5 lakhs.
- Surcharge on annual income above 5 crores reduced from 37% to 25%.
- Each salaried person with an income of Rs 15.5 lakhs or more to benefit by Rs 52,500.
Budget Announcements for Salaried Taxpayers in FY2023
Salaried Taxpayers
- Income tax rates for both individuals and corporations remain unchanged.
Budget Announcements for Salaried Taxpayers in FY2022
Salaried Taxpayers
- Corporate tax rate reduced significantly to become one of the world's lowest.
- Relief provided to small taxpayers by enhancing rebates, easing the tax burden
Budget Announcements for Salaried Taxpayers in FY2021
Salaried Taxpayers
- Changed tax slabs by raising income tax slabs benefitting the salaried class who earn up to Rs 15 lakh a year.
- Key exemptions were removed such as home loan interest, HRA, LTA, Health insurance, standard deduction
Budget Announcements for Salaried Taxpayers in FY2020
Salaried Taxpayers
- Standard Deduction for salaried individuals increased to Rs. 50,000 from Rs. 40,000 .
- TDS threshold on interest earned from bank/post office deposits raised to Rs. 40,000 from Rs. 10,000.
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