New Delhi: In her announcement of the Union Budget 2024, Finance Minister Nirmala Sitharaman revealed that the standard deduction in the new tax regime will be raised from ₹50,000 to ₹75,000. Additionally, she outlined new tax slabs for the updated regime.
The revised tax slabs are as follows:
Certainly! Here’s the information presented in a tabular format:
| Category | Details |
|---|---|
| Standard Deduction Increase | From ₹50,000 to ₹75,000 |
| New Tax Slabs | |
| Income up to ₹3 lakh | Nil |
| ₹3 lakh to ₹7 lakh | 5% |
| ₹7 lakh to ₹10 lakh | 10% |
| ₹10 lakh to ₹12 lakh | 15% |
| ₹12 lakh to ₹15 lakh | 20% |
| Above ₹15 lakh | 30% |
| Savings for New Regime Taxpayers | ₹17,500 |
| Old Tax Slabs | No change |
| Income Tax Act Review | Comprehensive review to simplify legislation, reduce uncertainty and litigation |
According to the Finance Minister, taxpayers opting for the new regime will benefit from a savings of ₹17,500.
also read : Union Budget 2024: Nirmala Sitharaman Announces Major Employment Schemes for Youth
No adjustments have been made to the old tax slabs. Furthermore, Finance Minister Sitharaman announced a thorough review of the Income Tax Act of 1961, aiming to simplify the legislation and reduce ambiguity and litigation risks.
