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The budget proposes zero levy for taxable income up to Rs 12 lakh, while raising the basic exemption limit from Rs 3 lakh to Rs 4 lakh a year. In the new regime, those with a taxable salary of up to Rs 7 lakh a year do not pay any tax through the appropriate rebates. The government said about one million assessees, who earlier paid Rs 20,000-80,000 tax annually, will now pay nothing. A person earning Rs 12 lakh a year would save Rs 80,000 in taxes.
It’s a Boon for High Income-Earners Too
This is a substantial relief that experts say will boost consumption and increase savings. The salaried earning up to Rs 12.75 lakh a year, inclusive of the Rs 75,000 standard deduction, will effectively not pay any tax from the next financial year.
High income earners will get bigger absolute savings, though in percentage terms, it will be lower. A person with taxable income of Rs 25-50 lakh will save Rs 1.1 lakh in tax a year.
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In all, 87.5 million filed income tax returns in the last assessment year, that is, 2024-25. An estimated 63 million availing of the new regime will benefit from the changes.
It is expected that more will opt for this regime from FY26.
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