87% of Taxpayers to Pay Zero Tax in FY 2025-26Ā
The Union Budget 2025-26 introduces transformative changes to the new tax regime, bringing much-needed relief to low- and middle-income taxpayers.Ā
Out of 7.5 crore income tax returns filed in FY 2023-24, nearly 6.5 crore individuals earned below ā¹12 lakh. With the updated tax slabs and extended rebate, 87% of taxpayers will now have zero tax liability this financial year.Ā
Key updates:Ā
ā Rebate u/s 87a extended to income up to ā¹12 lakh (previously ā¹7 lakh).Ā Ā
ā Higher exemption limits and lower rates for middle-income groups.Ā Ā
ā Excludes special income like capital gains, crypto, and gambling.Ā
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The Union Budget 2025-26 introduces transformative changes to the new tax regime, bringing much-needed relief to low- and middle-income taxpayers.Ā
Out of 7.5 crore income tax returns filed in FY 2023-24, nearly 6.5 crore individuals earned below ā¹12 lakh. With the updated tax slabs and extended rebate, 87% of taxpayers will now have zero tax liability this financial year.Ā
Key updates:Ā
ā Rebate u/s 87a extended to income up to ā¹12 lakh (previously ā¹7 lakh).Ā Ā
ā Higher exemption limits and lower rates for middle-income groups.Ā Ā
ā Excludes special income like capital gains, crypto, and gambling.Ā
COMMENT down your thoughts below
FOLLOW your man Parth for more amazing contentĀ
SAVE this post for laterĀ
REPOST to help others
#Linkedin #Finance #Investmentbanking