Income tax changes: New Income Tax Bill & New Income Tax Regime
New Income Tax Regime
Income tax changes: Finance Minister Nirmala Sitharaman introduced several sweeping changes under the new income tax regime during her Budget 2025 speech earlier this year. The new income tax regime, which is also the default income tax regime, has new tax slabs effective FY 2025-26.
Additionally, the basic tax exemption limit and the income level up to which taxpayers are required to pay zero or nil tax has also undergone a change. The most important is that individuals having a taxable income up to Rs 12 lakh will have to pay ZERO tax.
The new income tax regime was introduced by the Narendra Modi government a few years ago as an alternate regime for taxpayers to file their tax returns under. The aim of the new income tax regime was to make the income tax return filing process easier without too much paperwork and documentation.
However, unlike the old income tax regime, the new tax regime does not offer the most popular tax exemptions and deductions like Section 80C, Section 80D, LTA, HRA etc.
One major deduction that is available under the new income tax regime is standard deduction. In fact, the standard deduction available under the new tax regime is higher at Rs 75,000 compared to Rs 50,000 under the old income tax regime.
Additionally, the government proposes to get the New Income Tax Bill passed this year, which is a simplified and up-to-date version of the Income Tax Act 1961. The New Income Tax Bill will have key changes for taxpayers as well.
As changes in the income tax return filing, income tax calculation come about, it is important for taxpayers to keep a tab on FAQs and important documents released by the government to aid the common man.
You can track all the important documents related to the new income tax regime and the New Income Tax Bill here:
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