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Budget 2025-26 highlights:
Section 87A rebate under the new tax regime has been increased from Rs 25,000 to Rs 60,000.
Basic income tax exemption limit raised from Rs 3,00,000 in existing new regime to Rs 4,00,000 in proposed new regime.
Proposed increase in TCS threshold on remittances under RBI’s Liberalized Remittance Scheme (LRS) from Rs. 7 lakh to Rs. 10 lakh.
TCS is not applicable to educational remittances funded by loans from specified financial institutions.
Time for filing updated returns for any AY extended by 2 years.

No Income tax is payable on income of up to Rs 12,00,000 in the new tax regime
Here is how the new (proposed) tax regime will now look like:
Zero to Rs 4,00,000- No Tax
Rs 4,00,000 to Rs 8,00,000---5%
Rs 8,00,0001 to Rs 12,00,000---10%
Rs 12,00,001 to Rs16 lakh--15%
Rs 16,00,001 to Rs 20 lakh--20%
Rs 20,00,001 to Rs 24 lakh-- 25%
Above 24 lakh---30%

Under the newly announced tax slabs under the new regime, no income tax will be payable on annual income of up to Rs 12,00,000. For salaried individuals opting for the new tax regime, income of up to Rs 12,75,000 will be tax-free. Section 87A rebate has been increased to 60,000.

Currently, the old tax regime offers a standard deduction of Rs 50,000. Under the new tax regime, taxpayers can claim a standard deduction of up to Rs 75,000.

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