India Launches New Income Tax Act 2025
India's new Income Tax Act 2025 starts April 1. Get updates on new tax slabs, GST rate cuts, and the zero-tax limit up to 12 Lakhs.
NEW DELHI- India is set to transition to the New Income Tax Act 2025 starting April 1, replacing the legacy 1961 Act. This overhaul focuses on customs duty rationalization and a significantly simplified tax structure, aimed at boosting domestic consumption and ease of filing.
Under the updated tax regime, individuals earning up to 12 Lakhs annually will effectively pay zero tax due to enhanced rebates. Additionally, the government is implementing new laws to levy higher cesses on demerit goods like tobacco and pan masala.
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