New Delhi. Less than a month is left for the presentation of the General Budget 2025-26. In this budget, the government can offer incentives to taxpayers to promote the new tax regime. At the same time, in Budget 2024, Finance Minister Nirmala Sitharaman has made significant changes in the Income Tax Slab under the new tax regime so that it can be more attractive to taxpayers. Along with the adjustment in the tax slab, the standard deduction limit has also been increased. Changes have also been made in the employee's contribution to family pension and National Pension System (NPS). However, no changes have been made in the old tax regime. Let us tell you that Finance Minister Sitharaman first introduced the New Tax Regime in her budget speech on February 1, 2020.

5 special things about the new tax regime-

1). Income tax slab rates
Under the new tax regime, the income tax slabs have been revamped. There will be no tax on income up to Rs 3 lakh. A 10 per cent tax rate has been set on income between Rs 7 lakh and Rs 10 lakh and 5 per cent tax will be levied on income between Rs 3 lakh and Rs 7 lakh. Income between Rs 10 lakh and Rs 12 lakh will be taxed at 15 per cent, while income between Rs 12 lakh and Rs 15 lakh will be taxed at 20 per cent. Tax rate on income above Rs 15 lakh will remain at 30 per cent.

Up to Rs 3 lakh – no tax
3-7 lakh – 5 per cent
7-10 lakh – 10 per cent
10-12 lakh – 15 per cent
12-15 lakh – 20 per cent
Above Rs 15 lakh – 30 per cent

2). Standard deduction for salaried individuals
Under the new tax regime, the government has increased the limit of standard deduction for salaried individuals from Rs 50,000 to Rs 75,000.

3). Standard deduction for family pensioners
The limit of standard deduction for family pensioners has been increased from Rs 15,000 to Rs 25,000.

4). National Pension System (NPS):
Under Section 80CCD(2), up to 10 per cent of an employee's basic salary is tax-free in the pension scheme. For taxpayers following the new tax regime, this limit is 14 per cent.

5). How much tax can you save?
Under the new tax regime, the government has changed the income tax slabs, so taxpayers who choose this option can save up to Rs 17,500 annually.