Union Finance Minister Nirmala Sitharaman presented the General Budget for 2025-26 in Parliament today. Giving a big gift to the middle class, he made an important announcement that there will be no tax on income up to Rs 12 lakh and there will be a standard deduction of Rs 75 thousand up to Rs 12 lakh 75 thousand. Meanwhile, he also made a announcement that brought great relief to the elderly.
While giving relief to the elderly, the Finance Minister has now said that the tax deduction of up to one lakh rupees was earlier this limit was up to Rs 50,000. He said that the TDS limit would be changed. So that uniformity can be brought in it. The TDS exemption limit for senior citizens will be increased from Rs 50,000 to Rs 1 lakh. The TDS exemption limit on rental income will be increased to Rs 6 lakh. However, the provision of higher TDS will be implemented in non-pans related matters. Along with this, the limit of filing update returns will be increased from two years to four years.
No tax on 12 lakhs, 12,75,000
The Finance Minister made a big announcement and said that now there is no need to pay any tax on an annual income of 12 lakhs. This change has been made under the new tax system. Earlier, the limit of income tax exemption was Rs 7 lakh. The standard deduction limit has been fixed at Rs 75,000. This means that even if your income is between 12 lakh and 75,000 rupees, you will not have to pay any tax. Because on the annual income limit of Rs 12 lakh, you will also get the benefit of a standard deduction of Rs 75,000. In this way, there will be no need to pay any tax at Rs 12,75,000. Which simply means that even if your annual income is also 12 lakh 75 thousand rupees, you will not have to pay a single rupee.
