Finance Minister Nirmala Sitharaman presented the budget on July 23, 2024. In this budget, the government has made several significant announcements regarding income tax, including major changes in the income tax slabs. Customs duty on gold has been reduced, and higher taxes will be levied on earnings from the stock market. For salaried individuals, the standard deduction under the new tax regime has been increased from ₹50,000 to ₹75,000.
The 2023-24 budget, there was no tax on income up to ₹2.5 lakh. Income between ₹2.5 lakh and ₹7 lakh was taxed at 5%, income between ₹5 lakh and ₹10 lakh at 20%, and income above ₹10 lakh at 30%.
This budget, the tax rate has been increased from 15% to 20%. Under the new tax regime, there will be no tax on income up to ₹3 lakh. Income between ₹3 lakh and ₹7 lakh will be taxed at 5%, income between ₹7 lakh and ₹10 lakh at 10%, income between ₹10 lakh and ₹12 lakh at 15%, income between ₹12 lakh and ₹15 lakh at 20%, and income above ₹15 lakh will be taxed at 30%. This new budget provides taxpayers with an opportunity to save up to ₹17,500.
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