Finance Minister Nirmala Sitharaman has been presenting the Union Budget 2024 in Parliament. One of the most anticipated aspects of this budget was the changes in the income tax regulations.
People were looking forward to the revised regulations of Income Tax. As expected, Niramala Sitharaman has announced changes in the income tax’s new tax regime but the relief is going to be very minor.
She announced the revised tax slabs and an increase in the standard deduction for salaried employees of from Rs. 50,000 to Rs. 75,000.
The lowest income tax slab has been increased from Rs. 2.5 lakh to Rs. 3 lakh. There will be 5% tax for slab of Rs. 3-7 lakh, 10% tax for slab of Rs. 7-10 lakh, 15% tax for slab of Rs. 10-12 lakh, 20% tax for slab of Rs. 12-15 lakh and 30% tax for slab above Rs. 15 lakh.
The budget also proposed to increase tax deductions on family pensions for pensioners from Rs. 15,000 to Rs. 25,000.
Nirmala Sitharaman stated that the taxpayers would be able to save Rs. 17,500 annually as taxes under the new regime. She stated that two-thirds of taxpayers availed of the new Income Tax regime.
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