New Delhi. As the new financial year 2025-26 is starting from April 1, along with this, the announcements of the general budget will also come into effect from today. Many important changes are going to happen from this financial year, which will directly affect taxpayers, senior citizens and consumers.
The biggest change has happened in the income tax system. With the implementation of the new tax system, there will now be no tax on annual income up to Rs 12 lakh. For salaried people, this limit will be Rs 12.75 lakh with a standard deduction of Rs 75 thousand.
Petrol became cheaper by 1 rupee
The price of petrol in Chhattisgarh has decreased by Rs 1 per liter from the new financial year. Chief Minister Vishnu Dev Sai had announced this relief in petrol prices in the budget, which has come into effect from today. Now the price of petrol in Raipur has become around Rs 100.42 per liter.
For taxpayers, the new financial year will begin positively as they are set for big savings starting April 1. Finance Minister Nirmala Sitharaman’s budget announcements for FY25 26 come into effect today, and those who choose the new tax regime will have to pay significantly less this year.
New slabs & Other Changes
The new, minimal-exemptions tax regime is set to be the favoured choice of most taxpayers this fiscal, thanks to the Finance Act, 2025-26, which has raised the basic exemption threshold from Rs 3 to 4 lakh, hiked the rebate limit from Rs 7 to 12 lakh, and widened the tax slabs. For salaried individuals, income of up to Rs 12.75 lakh will attract no tax due to the standard deduction of Rs 75,000 under the new regime
TDS exemption on rental income: Now there will be no TDS on rental income up to Rs 6 lakh per annum. Earlier this limit was Rs 2.4 lakh.
Relief on interest to senior citizens: The limit of interest on FD for senior citizens has been increased from Rs 50 thousand to Rs 1 lakh.
Tax exemption for studies abroad: Now there will be no tax on sending up to Rs 10 lakh for studies abroad.
Apart from this, now 48 months will be available instead of 24 months to file updated tax returns .
Other changes:
- Minimum deposit amount in bank accounts
- KYC mandatory for mobile linked mutual fund and demat accounts with UPI
These changes will provide direct relief to taxpayers and consumers and bring new convenience in life.
Join our whatsapp group for Latest updates
Click Here for Chhattisgarh News
Click Here for Entertainment News