Budget 2025: As the budget approaches, taxpayers are eagerly awaiting a possible income tax notification, which is expected to provide relief to individuals earning up to Rs 15 lakh per annum. Heres a breakdown of the current tax bands under the new and old tax systems to help you understand what they mean. New Tax Plan (FY 2024-25) Introduced in Budget 2020, the New Tax Regime offers lower tax rates with fewer exemptions and deductions: Up to Rs 3,00,000: Nil Rs 3,00,001 Rs 7,00,000
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