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India introduces new tax regime, exempting annual incomes up to ₹12 lakh from income tax.
As of April 1, 2025, individuals earning up to ₹12 lakh annually will be exempt from income tax in India.
The new tax regime introduces seven slabs, with the highest rate of 30% for income over ₹24 lakh.
Changes also include raising the standard deduction to ₹75,000, increasing the TDS threshold for bank interest for senior citizens to ₹1 lakh, and abolishing the equalisation levy on digital transactions.
Individuals must file their returns to claim a rebate of up to ₹60,000.
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