MEGHINN

 The Union Budget 2025 introduced several significant changes to the income tax laws in India. Here are some key highlights: Basic Exemption Limit : The basic exemption limit has been increased from ₹3 lakh to ₹4 lakh under the new tax regime. This means lower tax liability for all taxpayers. Income Tax Return (ITR) Filing : Filing an ITR will now be mandatory only if the gross taxable income exceeds the revised exemption threshold, except in specific cases. Revised Returns : The deadline for submitting revised returns has been extended from two years to four years. New Income Tax Bill : A new Income Tax bill will be introduced in Parliament next week, aiming to simplify the existing law and reduce litigation. Tax Slabs : The new tax slabs under the new regime are as follows: ₹0 - ₹4 lakh: Nil ₹4 lakh - ₹8 lakh: 5% ₹8 lakh - ₹12 lakh: 10% ₹12 lakh - ₹16 lakh: 15% ₹16 lakh - ₹20 lakh: 20% ₹20 lakh - ₹24 lakh: 25% Above ₹24 lakh: 30% These changes are designed to ease the tax burde...