Union Budget 2025: During the Budget speech, Nirmala Sitharaman announced the new tax rates.

Tax Slabs: Current Vs Proposed

Tax Slabs For FY25-26

Up to Rs 4 Lakh: Nil

Rs 4-8 lakh: 5%

Rs 8-12 lakh: 10%

Rs 12-16 lakh: 15%

Rs 16-20 lakh: 20%

Rs 20-25 lakh: 24%

Above Rs 25 lakh: 30%

Tax Slabs For FY24-25

Up to Rs 3 lakh: Nil

Rs 3-7 lakh: 5%

Rs 7-10 lakh: 10%

Rs 10-12 lakh: 15%

Rs 12-15 lakh: 20%

Above Rs 15 lakh: 30%

 No income tax till Rs 12 lakh!

In a big bonanza for salaried taxpayers, Finance Minister Nirmala Sitharaman announced that there will be no income tax to be paid for income levels up to Rs 12 lakh.