Why the new tax regime is the future: Deloitte
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Finance minister Nirmala Sitharaman on Wednesday raised the income tax rebate limit from ₹5 lakh to ₹7 lakh in the new tax regime, while reducing the slabs to five. The new tax regime will be the default one while citizens will have the option to be in the old tax regime that operates on exemptions. After all, for people earning up to ₹15 lakh per annum, this scheme provides lower taxation. Now, an individual with an income of ₹15 lakh would pay ₹1.5 lakh or 10% of their income, a 20% reduction from the existing ₹1,87,500. The move will also reduce the compliance burden on employees to provide invoices and on the employer to verify it. So, it could well be the way things change in future.
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August 2025
As India continues to be the world’s fastest-growing major economy, Fortune India presents its special issue on the nation’s Top 100 Billionaires. Curated in partnership with Waterfield Advisors, this year’s list reflects a slight decline in the number of dollar billionaires—from 185 to 182—even as the entry threshold for the Top 100 rose to ₹24,283 crore, up from ₹22,739 crore last year. From stalwarts like Mukesh Ambani, Gautam Adani, and the Mistry family, who continue to lead the list, to major gainers such as Sunil Mittal and Kumar Mangalam Birla, the issue goes beyond the numbers to explore the resilience, ambition, and strategic foresight that define India’s wealth creators. Read their compelling stories in the latest issue of Fortune India. On stands now.