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The Income Tax Notification for 2025 is expected to be announced after the Union Budget presentation. For the financial year 2024-25 and assessment year 2025-26, taxpayers can expect several important provisions. The new tax regime will likely remain the default choice with unchanged slabs. There will be no tax for income up to 3 lakhs, 5% for 3-6 lakhs, 10% for 6-9 lakhs, 15% for 9-12 lakhs, 20% for 12-15 lakhs, and 30% for income above 15 lakhs. The old regime will continue with existing deductions, including section 80C benefits of up to 1.5 lakhs. Salaried employees can expect the standard deduction of 50,000 to stay the same. Capital gains tax rates are likely to remain unchanged, with a 10% long-term capital gains tax on equity investments exceeding 1 lakh and a 15% short-term capital gains tax. The government may introduce stricter compliance measures, including improved pre-filled ITR forms and better tracking of high-value transactions. Benefits for startups under section 80IAC might be extended. Taxpayers should wait for the official notification from CBDT after the budget for complete details. The income tax department website will provide all updates regarding filing deadlines, forms, and procedures for AY 2025-26.
for more further information Visit Our Website https://incometaxindia.gov.in/Pages/communications/notifications.aspx