Budget 2025: 12 लाख से ज्यादा Salary हुई, तो कितना Tax लगेगा? आसान भाषा में समझिए | Income Tax Slabs

Summary

The transcript focuses on recent changes in India's income tax slabs, particularly for salaried employees, aiming to provide relief to the middle class. It explains that individuals earning up to ₹12 lakh will not have to pay any taxes due to a ₹60,000 rebate, and salaried employees are also eligible for a standard deduction. The changes aim to increase disposable income to help counter the effects of inflation. The speaker highlights how these tax adjustments are beneficial for the majority of India's population, especially in the lower and middle-income brackets, fostering greater spending power amidst rising prices.

Takeaways

• 😀 Income tax relief for those earning up to ₹12 lakh annually with no tax liability due to rebates.
• 😀 Progressive tax slabs have been introduced, with rates ranging from 5% to 30% depending on income.
• 😀 The new tax structure ensures zero tax for individuals earning up to ₹12 lakh after rebates are applied.
• 😀 Tax rebates will be available to individuals earning up to ₹12 lakh, reducing their financial burden.
• 😀 A significant shift in tax brackets has occurred, with higher income earners facing higher tax rates.
• 😀 The government's move to increase disposable income aims to address inflation by boosting spending power.
• 😀 The tax system overhaul will benefit a large portion of the population, especially the middle and lower-middle class.
• 😀 For salaried employees, the standard deduction of ₹5,000 has been incorporated, benefiting them further.
• 😀 Individuals with annual earnings of ₹12 lakh will not have to pay taxes due to the rebate system.
• 😀 The speaker emphasizes that the reforms are aimed at easing the financial burden of the majority of the population, with millions of people benefiting.
• 😀 The impact of these changes is seen as crucial in tackling inflation by leaving more disposable income in the hands of taxpayers.

Q & A

What is the main topic discussed in the transcript?

The main topic discussed is the recent changes in India's tax system, including new tax slabs and how they benefit taxpayers, especially those in the middle class and lower-income groups.

How have the income tax slabs changed for individuals with an income up to ₹12 lakh?

Individuals with an income up to ₹12 lakh will not need to pay any tax due to rebates. Previously, certain tax slabs were applied, but with the new system, the tax burden is significantly reduced for these individuals.

What is the new income tax slab structure introduced in the reform?

The new income tax slabs are: 1) ₹0 to ₹4 lakh – No tax, 2) ₹4 lakh to ₹8 lakh – 5% tax, 3) ₹8 lakh to ₹12 lakh – 10% tax, 4) ₹12 lakh to ₹15 lakh – 15% tax, 5) ₹15 lakh to ₹20 lakh – 20% tax, 6) ₹20 lakh to ₹24 lakh – 25% tax, 7) Income above ₹24 lakh – 30% tax.

What is the standard deduction for salaried individuals under the new tax regime?

The standard deduction for salaried individuals is ₹5,000 under the new tax regime.

How does the rebate affect taxpayers with an income of ₹12 lakh?

For taxpayers with an income of ₹12 lakh, the rebate of ₹60,000 ensures that their tax liability becomes zero, meaning they will not have to pay any tax.

What is the broader purpose of these tax reforms?

The broader purpose is to provide tax relief to the majority of the population, especially the middle and lower-middle classes, and to address inflation by increasing disposable income, which can lead to more consumer spending.

Who benefits the most from these tax reforms?

The middle class, lower-middle class, and individuals with incomes up to ₹12 lakh benefit the most from these reforms due to the reduced tax burden and rebates.

How does the reform help address inflation?

The reform increases disposable income for taxpayers, which can lead to increased spending. This increased spending power can help address inflation by boosting consumption in the economy.

How many people are expected to benefit from these changes in tax slabs?

Around 4 to 6 crore people are expected to benefit from these changes, particularly those in the lower and middle-income brackets.

What does the speaker mean by 'spendable income'?

'Spendable income' refers to the money available for spending after taxes and essential expenses. The tax reforms increase this amount, allowing individuals to spend more.