New Income Tax Bill: Finance Minister Nirmala Sitharaman did not make any change in income tax, new bill will come next week
New Income Tax Bill: Finance Minister Nirmala Sitharaman has made a big announcement regarding the new income tax bill. While presenting the budget, she said that a new bill related to income tax would come next week.

New Income Tax Bill: Finance Minister Nirmala Sitharaman has made a big announcement regarding the new income tax bill. While presenting the budget, she said that a new bill related to income tax would come next week. Apart from this, Finance Minister Nirmala Sitharaman started the budget speech by saying that this budget will increase the spending capacity of the common man. She said that the objective of the budget is to increase the growth rate of the country's economy, increase private sector investment while ensuring inclusive growth, lift domestic sentiment, and increase the spending capacity of the growing middle class.
Farmers also got a gift.
The Finance Minister said that Budget 2025 covers 10 broad areas with a focus on the poor, youth, food providers, and women. Agriculture, MSMEs, investment, and exports are the engines of growth. In the budget, the Finance Minister has increased the limit of Kisan Credit Card (KCC) from Rs 3 lakh to Rs 5 lakh. This will help farmers get cheaper loans.
When and how much did the tax rate change
1. 1997-98: First major increase
In 1997, the then Finance Minister P. Chidambaram made significant changes in the income tax rates. This year, a tax of 40% was imposed on income above Rs 5 lakh, which was the highest level at that time.
2. 2009-10: Inclusion of surcharge
In the financial year 2009-10, the government abolished the surcharge on personal income tax. However, after this in 2010-11, a surcharge of 10% was imposed on income above Rs 10 lakh.
3. 2014-15: New tax regime
In 2014, the Narendra Modi government introduced a new tax regime. This year, some changes were made in the income tax slabs. There was no tax on income up to Rs 2.5 lakh, but income from Rs 2.5 lakh to Rs 5 lakh was taxed at 10% and income from Rs 5 lakh to Rs 10 lakh was taxed at 20%.
4. 2018-19: Health and education cess
In 2018, the government increased the health and education cess to 4%. This put an additional financial burden on the higher-income group. Apart from this, new tax slabs were also implemented this year.
5. 2020-21: Impact of Covid-19
During the COVID-19 pandemic, the government deferred some taxes as part of relief measures, but despite this, tax rates remained stable for the higher income group.
6. 2021-22: Stability Effort
This year also the government kept the tax rates stable. However, under some special provisions, tax rates were increased for the higher-income group.
Current Status (2024-25)
At present, there is no tax on up to Rs 3 lakh in the new tax regime. At the same time, 5 percent tax is levied on income from 3 to 7 lakhs. At the same time, 10 percent tax has to be paid on income from Rs 7 to 10 lakhs. At present, 15 percent tax is levied on income from Rs 10 to 12 lakhs.