What changes have been announced in the tax structure for Budget 2025 regarding income levels

1. No tax on incomes up to ₹12 lakh: In Budget 2025, it has been announced that individuals earning up to ₹12 lakh per year will not be required to pay any income tax. 2. Progressive tax structure: The tax rates for different income brackets have been revised to ensure a more progressive tax structure, with higher tax rates for higher income levels. 3. Tax credit for charitable donations: Individuals making donations to approved charities will be eligible for a tax credit, encouraging philanthropic activities and providing some tax relief. 4. Increased tax deductions: The budget also includes an increase in certain tax deductions, such as for education expenses or home loan interest payments, providing more opportunities for taxpayers to reduce their taxable income. 5. Simplified tax filing process: Efforts have been made to streamline the tax filing process and make it more user-friendly for taxpayers.