Income Tax Budget 2024 Highlights: Standard Deduction Increased To Rs 75,000, Changes In New Tax Regime Announced

New Income Tax Slabs 2023 vs 24 Budget: Big income tax benefits for common man under the New Tax Regime.

New Income Tax Slabs 2024-25 Budget 2024 LIVE

New Income Tax Slabs 2024-25 Budget LIVE Updates: Finance Minister Nirmala Sitharaman made significant announcement for individual taxpayers in Budget 2024.  The FM increased the income tax bracket for taxpayers in the new tax regime.

FM said that under the new tax rates, individual taxpayers are not be required to pay any taxes from 0 to Rs 3 lakhs, 5% tax on income up to Rs 3-7 lakh, 10% tax on income up to Rs 7-10 lakh, 15% tax on income up to Rs 10-12 lakh, 20% tax on income up to Rs 12-15 lakh and 30% tax on income above Rs 15 lakh under the new tax regime. The FM also announced to hike the standard deduction under new tax regime from Rs 50,000 to Rs 75,000.

Check the highlights of Budget 2024: New Income Tax Slabs 2024-25

23 July 2024

12:32 IST

Income Tax Budget 2024 Live: Announcement Of New Tax Slab In The New Tax Regime

Announcement of new tax slab in the new tax regime
No tax up to Rs 3 lakh 
5% tax on income up to Rs 3-7 lakh 
10% tax on income up to Rs 7-10 lakh in the new tax regime

12:26 IST

Income Tax Budget 2024 Live: Standard Deduction Increased From Rs 50,000 To Rs 75,000

For those opting for new tax regime, FM has announced to increase the standard deduction from Rs 50,000 to Rs 75,000

12:20 IST

Income Tax Budget 2024 Live: Capital gains to be made simple

Capital gains will be made rational and simple. Short term capital gains rate will be 20%. LTCG rate on some financial products will be 12.5%. Capital gains will be charged on unlisted bonds, debentures.

12:18 IST

FM announces a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months: Says FM

11:42 IST

Income Tax Budget 2024 Live: Encouraging Internships With Financial Support 

Finance Minister Nirmala Sitharaman has announced plans to encourage internships in 500 top companies. Under this initiative, interns will receive a monthly allowance of Rs 5,000. Further, a one-time assistance of Rs 6,000 will be provided as part of the internship scheme. 

11:30 IST

Income Tax Budget 2024 Live: Financial Support For Higher Education Loans Up To Rs 10 Lakhs

Finance Minister Sitharaman has announced that the government will offer financial support for education loans up to Rs 10 lakhs for higher education at domestic institutions. 

11:21 IST

Income Tax Budget Live Updates: Focus On Key Priorities

During the live announcement of Income Tax Budget 2024, the focus is set on nine critical priorities:

- Productivity and resilience in agriculture

- Employment and skilling 

- Improved human resources, social justice

- Manufacturing and services

- Urban development

- Energy security

- Infrastructure

- Innovation, research and development

- Next generation reforms

11:12 IST

Income Tax Budget 2024 Live: Sitharaman Unveils Budget Themes

Finance Minister Nirmala Sitharaman has stated that the upcoming budget will concentrate on employment, skilling, MSMEs, middle class.

10:46 IST

Income Tax Budget Live Updates: Improving Tax Benefits To Increase Insurance Coverage

According to Satishwar B., MD and CEO of Bandhan Life, India grapples with a significant problem of insufficient insurance coverage. “ When a family's primary earner passes away, the money left for the survivors to live and settle debts is usually less than nine percent of what's actually needed” he added.

09:28 IST

Income Tax Budget Live 2024: Reducing Tax Burden On Pension Income

Satishwar B., MD and CEO of Bandhan Life, highlights the crucial role of pension policies such as the National Pension System (NPS) in providing a stable income during retirement. “The current ₹50,000 tax exemption for NPS under Section 80CCD(1B) should also apply to pension and annuity plans provided by life insurance companies to encourage more people to use them” he added.

09:10 IST

Income Tax Budget 2024 Live: Tax Incentives For Pension And Annuity Products

Satishwar B., MD and CEO of Bandhan Life underscores the importance of investing in pension and annuity products for post-retirement income. “Making taxes simpler or removing them for these products will encourage more people to invest in these important financial protections” he added.

08:52 IST

Income Tax Budget Live Updates: Proposed Amendments To Stimulate Consumer Spending

Punit Shah, a Partner at Dhruva Advisors suggests that the Government should consider making changes to tax policies to stimulate consumer spending. 

“It is recommended that the Government introduces amendments with an effort to stimulate consumer spending - key expectations include raising the tax-free income threshold, reducing tax rates for middle-income earners, increasing the standard deductions for the salaried employees, enhanced limits for Section 80C (investment-related deductions), and higher deductions under Section 80D for health insurance premiums. These measures aim to boost disposable income, aligning with inflation rates and encouraging higher consumer expenditure to invigorate the economy” Shah added.

08:22 IST

Income Tax Budget 2024 Live: Budget Presentation To Be Held At 11 AM Today

Union Finance Minister Nirmala Sitharaman will table the Union Budget 2024-25 at around 11 AM today, for the seventh consecutive time.

08:15 IST

Income Tax Budget 2024 Live: Hike Tax Bracket In New, Old Regime

Dipesh Jain, Partner, Economic Laws Practice  said, FM is expected to hike standard deduction amount of Rs 50K for salaried individuals.  "Tax rebate under section 80C should be increased from INR 1.5L to say INR 2L or 2.5L. Initial tax slabs with nil tax to increase under old and new tax regime to atlesst INR 5L from INR 2.5L and INR 3L, respectively," he added