Union Budget 2025: Key Tax Reforms Every Taxpayer Should Know

Feb 12, 2025 Khushi Kumari

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No tax for income up to ₹12 lakh; new slab rates introduced

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Higher tax rebate increased from ₹25,000 to ₹60,000 under the new tax regime

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Standard deduction hike raised from ₹50,000 to ₹75,000 for salaried individuals

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Extended ITR filing updated returns can be filed within 48 months instead of 24

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NPS deduction for minors ₹50,000 deduction now applies to NPS contributions for minors

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Higher TDS limit for seniors raised from ₹50,000 to ₹1 lakh on interest income

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Tax-free NSS withdrawals after Aug 29, 2024, exempt from tax

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New income tax bill aims to simplify tax rules and reduce compliance burden

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No TCS on education remittances via approved loans

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