Big Change in Income Tax Slab, Big Relief to Taxpayers, Standard Deduction Increased to RS 75,000

On July 23, 2024, the Indian Finance Minister announced the Income Tax Slab Budget 2024, in which a big announcement has been made regarding income tax. The Finance Minister of India is Nirmala Sitharaman. Income tax slabs Presenting Budget 2024-25, Ms Sitharaman has announced to increase the standard deduction of salaried employees from ₹ 15,000 to ₹ 75,000. Nirmala Sitharaman has also said that the income tax slab in Budget 2024-25 will save up to Rs 17,500 for approximately 4 crore people.

Apart from salaried people, the deduction on family pension for pensioners which was ₹15,000 has been increased to ₹25,000 under the new tax regime. Finance Minister Nirmala Sitharaman is promoting the development of the common people of the country by reducing the increasing burden on them. By presenting the new budget, the government has given a good gift to the middle class.

Read Also:- Income Tax Announcements Live: Long Term Capital Gains Tax Exemption Limit Increased

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