Smart Money Journal: Your Guide to Smart Finance & Investing

The Budget 2025 has brought some significant changes to the income tax structure , providing much-needed relief to middle-class taxpayers . The new provisions aim to reduce the tax burden, simplify tax compliance, and encourage savings. In this post, we will explore the key tax changes introduced in Budget 2025 and their impact on the middle-class taxpayers . 1️⃣ Revised Tax Slabs under the New Tax Regime The new tax regime for FY 2025-26 (AY 2026-27) has introduced revised tax slabs that bring relief to individuals in the middle-income group . The key highlight of the revised tax structure is that individuals with income up to ₹12,00,000 will have zero tax liability , thanks to the increased rebate . New Tax Slabs (FY 2025-26) : Income up to ₹4,00,000 : NIL (No tax). Income from ₹4,00,001 to ₹8,00,000 : 5% . Income from ₹8,00,001 to ₹12,00,000 : 10% . Income from ₹12,00,001 to ₹16,00,000 : 15% . Income from ₹16,00,001 to ₹20,00,000 : 20% . Income from ₹20,00,001 to ...

Tax season can be stressful, but with the right strategies, you can make the most of your tax deductions and reduce your tax liability . Here's everything you need to know about the latest ITR returns and tax-saving methods to save more money in the financial year 2025-26. 1️⃣ Key Updates in ITR Forms for FY 2025-26 The government has introduced updated ITR forms for FY 2025-26, which include improvements to the process for both individuals and businesses. Here are the key highlights: ITR 1 (Sahaj) : Simplified for individuals earning up to ₹50 lakh from salary, pension, and other sources. No need to declare capital gains or business income. ITR 2 : For those with income from more than one house property, capital gains, or foreign income. It’s ideal for salaried individuals with multiple income sources . ITR 3 : For individuals and HUFs with business or profession income . ITR 4 (Sugam) : Simplified for small businesses or professionals opting for the presumptive...