New tax slab 2025: Understanding The Income Tax Act

Understanding The Income Tax Act, 2025 The passage of the New Income Tax Act, 2025 is a landmark development towards building a streamlined, simplified tax framework aimed at enhancing transparency, equity, and economic efficiency. Enacted by Parliament after intensive deliberation, the legislation reflects the Government of India’s commitment to modernizing the tax architecture in alignment with global best practices and domestic aspirations. By simplifying tax slabs , rationalizing ... The Budget 2025 introduced some major changes to the Income Tax Act 1961 to simplify the tax structure in India. These changes will come into effect on 1st April 2025 and will be relevant from FY 2025 -26 onwards. This article will cover all major changes that one must be familiar with to plan one's finances for FY 2025 -26 accordingly. What Are The Income Tax Changes For FY 2025 -26? 1. Income Tax Slabs for FY 2025 -26 (AY 2026-27) The Budget 2025 proposed new tax slab rates under section ... The Budget 2024 introduced significant changes to the tax slabs under the New Tax Regime, which will be applicable for FY 2024-25 (AY 2025 -26). Taxpayers can now benefit from revised tax slabs , along with an increased standard deduction and an enhanced family pension deduction. New Financial Year 2025 , new tax laws: Today marks the beginning of the new financial year 2025 -26. With the new year, a lot of changes are effective. This includes new income tax slabs and other new tax laws, such as tweaks in ULIPs taxation, no higher TDS for non-ITR filers etc. Know the eleven tax changes are effective from today.