Image Source : PTI/FILE PHOTO Union Minister for Finance & Corporate Affairs Nirmala Sitharaman chairs the eighth pre-Budget consultation with the stakeholders and representatives from the trade unions for the Union Budget 2025-26, in New Delhi. Budget 2025: As the budget approaches, taxpayers are eagerly awaiting a possible income tax notification, which is expected to provide relief to individuals earning up to Rs 15 lakh per annum. Here’s a breakdown of the current tax bands under the new and old tax systems to help you understand what they mean. New Tax Plan (FY 2024-25) Introduced in Budget 2020, the New Tax Regime offers lower tax rates with fewer exemptions and deductions: Up to Rs 3,00,000: Nil Rs 3,00,001 – Rs 7,00,000: 5 per cent  Rs 7,00,001 – Rs 10,00,000: 10 per cent  Rs 10,00,001 – Rs 12,00,000: 15 per cent  Rs 12,00,001 – Rs 15,00,000: 20 per cent  Above Rs 15,00,000: 30 per cent  This regime is the current one. However, taxpayers must waive the HRA, LTA, and …