New Delhi. The new financial year 2025-26 is starting from 1 April. With this, the announcements of the general budget will also be implemented from today. Many significant changes are going to happen from this financial year, which will directly affect taxpayers, senior citizens and consumers.
Big change in income tax system: The biggest change has taken place in the income tax system. With the implementation of the new tax system, no tax will have to be paid on the annual income of up to Rs 12 lakh. This limit for salaries will be Rs 12.75 lakh with standard deduction of Rs 75 thousand.
Petrol became cheaper by 1 rupee
From the new financial year, the price of petrol in Chhattisgarh has decreased by Rs 1 per liter. Chief Minister Vishnu Dev Sai announced this relief in petrol prices in the budget, which has come into force from today. The price of petrol in Raipur has now increased to Rs 100.42 per liter.
New rates of alcohol implemented:
There is a relief news for liquor lovers in Chhattisgarh. New rates of liquor have been implemented from April 1, under which liquor prices will be reduced by an average of up to Rs 40. Under this new excise policy, there will be a discount of up to 4% on a bottle of Rs 1000.
Let’s know about other important changes in this financial year…
■ Slab under the new tax system: Now if the income is more than Rs 12 lakh, then 5 percent on income up to 4-8 lakhs, 10 per cent at 8-12 lakhs, 15 per cent at 12-16 lakhs, and 25 per cent tax on income ranging from 20 to 24 lakhs.
■ TDS exemption on rental income: Now there will be no TDS on rent of up to Rs 6 lakh annually. Earlier this limit was 2.4 lakh rupees.
■ Relief on interest to senior citizens: The interest limit from FD for senior citizens has been increased from Rs 50 thousand to Rs 1 lakh.
■ Tax exemption for studies abroad: No tax will be levied on sending up to 10 lakh rupees for studies abroad.
Apart from this, now I will get 48 months instead of 24 months to file updated tax returns.
Other changes:
Minimum deposit amount in bank accounts Mobile Linked Mutual Fund from UPI and KYC compulsory for demat accounts
These changes will provide direct relief to taxpayers and consumers and will get new facilities in life.