Key Changes in Income Tax in the Indian Budget

Increase in standard deduction from Rs 50,000 to Rs 75,000 effective from AY 2025-26

Enhanced deduction for employer’s NPS contribution from 10% to 14% for those opting for the new tax regime

Hike in short-term capital gains tax rate on equity-oriented mutual funds and shares from 15% to 20%

Increase in long-term capital gains tax rate from 10% to 12.5% on financial and non-financial assets

Withdrawal of shares buy-back exemption for shareholders, treating it as deemed dividend

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