New Income Tax Bill to be tabled in Parliament on Thursday: Here is what new bill means for you

By
Ziraat Times
-

By: Ambreen Khan – Ziraat Times

New Delhi: Finance Minister Nirmala Sitharaman will  introduce a landmark Income Tax Bill in Parliament on Thursday, marking the most significant overhaul of India’s tax regime in a decade. Designed to simplify compliance, boost middle-class savings, and widen the taxpayer base, the bill introduces structural reforms aimed at aligning India’s fiscal policies with evolving economic realities. Ziraat Times here presents a  breakdown of the key features and what they mean for common taxpayers:

1. Revised Tax Slabs for Individuals: New Tax Regime:

 Income Range (₹) | Tax Rate

 0–3 lakh          | 0%

  3–7 lakh          | 5%

  7–12 lakh         | 10%

  12–20 lakh        | 15%

  20–50 lakh        | 20%

  Above 50 lakh     | 30%

Old Tax Regime Retained:

Taxpayers can still opt for the old regime with deductions (e.g., HRA, 80C), but exemptions are capped at ₹3.5 lakh annually.

Takeaways:

Middle-income earners (₹7–20 lakh) benefit most under the new slabs, with tax liability reduced by 10–15%. The default shift to the new regime pushes simplification, but families relying on deductions should calculate which regime suits them better.

 Enhanced Standard Deduction: Increased from ₹50,000 to ₹1 lakh for salaried individuals and pensioners under the new regime.

For seniors (60+), the deduction rises to ₹1.5 lakh.

Takeaway: Immediate relief for salaried employees, especially retirees. A ₹1 lakh standard deduction reduces taxable income without the hassle of claim proofs.

Digital India Incentives

– 5% Tax Rebate for taxpayers filing returns digitally and adopting UPI/RuPay for all transactions above ₹10,000.

Penalty Relief: Late filing fees reduced by 50% if returns are submitted via the e-filing portal within 3 months of the deadline.

Takeaway: A nudge toward digital adoption, rewarding tech-savvy taxpayers and reducing manual processing.

Healthcare & Education Boosts

Section 80D Limit Hike:

 Deduction for health insurance premiums raised from ₹25,000 to **₹50,000** (₹1 lakh for seniors).

New Education Cess: 1% cess to fund public education infrastructure, applicable on taxable income above ₹10 lakh.

Takeaway: Families prioritizing health coverage gain higher savings, but high earners face a modest additional levy.

Strict Anti-Evasion Measures

Cash Transaction Limit: Reduced from ₹2 lakh to ₹1 lakh per day to curb black money.

TDS on Luxury Spending: 2% TDS on transactions above ₹10 lakh for luxury goods (e.g., high-end electronics, foreign travel).

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