Income Tax Slabs & Rates for 2025-26 Explained, India Union Budget 2025-26

Budget 2025-26 Explained Live: Nirmala Sitharaman is about to unveil her 8th consecutive Union Budget as the Union Finance Minister. (Express illustration by Angshuman Maity)

Budget 2025 Important Points Explained Live: Union Finance Minister Nirmala Sitharaman on Saturday (February 1) will unveil her eighth consecutive Union Budget. Issues such as economic growth, unemployment, and relief for the middle class are expected to be addressed. Her speech begins at 11 am.

A day prior, the Economic Survey was tabled in Parliament, as is customary. It projected a growth rate of 6.3-6.8 per cent for the next financial year, stating, “Viksit Bharat@2047 envisions India as a developed nation by 2047, the centenary of our independence. This would entail sustained economic growth of close to 8 per cent every year for at least a decade.”

Scroll down for the Explained live blog, where our senior editors for Economy and Business will provide updates from the Budget speech with a side-by-side explanation of the provisions and what they mean for you.

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As the Indian Union Budget for the financial year 2025-26 has been announced, it is important for taxpayers to understand the income tax slabs and rates for the upcoming year. Here’s a breakdown of the income tax slabs and rates for 2025-26:

1. For individuals below the age of 60:
– Up to Rs. 2.5 lakh: No tax
– Rs. 2.5 lakh to Rs. 5 lakh: 5%
– Rs. 5 lakh to Rs. 10 lakh: 10%
– Above Rs. 10 lakh: 20%

2. For individuals between the ages of 60 and 80 (senior citizens):
– Up to Rs. 3 lakh: No tax
– Rs. 3 lakh to Rs. 5 lakh: 5%
– Rs. 5 lakh to Rs. 10 lakh: 10%
– Above Rs. 10 lakh: 20%

3. For individuals above the age of 80 (super senior citizens):
– Up to Rs. 5 lakh: No tax
– Rs. 5 lakh to Rs. 10 lakh: 20%
– Above Rs. 10 lakh: 30%

It is important to note that these rates are subject to any changes made in the Union Budget and individuals are advised to consult with a tax professional for accurate information. Stay updated with the latest tax laws and ensure timely filing of your income tax returns for a hassle-free tax season.

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