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.
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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