Income Tax Budget 2024 Updates: New tax slab, Standard Deductions, and More

As you all know, the Finance Minister of India is Nirmala Sitharaman. On Tuesday, 23 July 2024, Finance Minister Nirmala Sitharaman announced that “the standard deduction will be increased from ₹50,000 to ₹75,000 in the new tax regime”.

Nirmala Sitharaman has talked about making amendments to the new system. Nirmala ji has said in Parliament that under the new system, salaried employees will get a chance to save up to Rs 17,500. The Finance Minister said that the new arrangement will provide more disposable income and higher tax savings to salaried employees.

#Budgest2024: Tax rate structure revised in new tax regime. The new tax slabs are as follows:

Rs 0-3 lakh : Nil
Rs 3-7 lakh: 5%
Rs 7-10 lakh: 10%
Rs 10-12 lakh: 15%
Rs 12-15 lakh: 20%
Above Rs 15 lakh: 30%

Live updates: https://t.co/z1JHNCi29F#BudgetWithNDTV

— NDTV (@ndtv) July 23, 2024

New Tax Update 2024: Income Tax slabs for ay 2024-25

• Rs 0-3 lakh: Nil
• Rs 3-7 lakh: 5%
• Rs 7-10 lakh: 10%
• Rs 10-12 lakh: 15%
• Rs 12-15 lakh: 20%
• Above Rs 15 lakh: 30%

Income Tax slabs for ay 2023-24

1. Income up to ₹ 3 lakh – Nil 
2. Rs 3 lakh to ₹ 6 lakh – 5 per cent
3. Rs 6 lakh to ₹ 9 lakh – 10 per cent
4. Rs 9 lakh to ₹ 12 lakh – 15 per cent
5. Rs 12 lakh to ₹ 15 lakh – 20 per cent
6. Above ₹ 15 lakh – 30 per cent

Industry experts had predicted that the new tax regime would reach Rs 50,000 to Rs 100,000 but the Finance Minister fell slightly short of this. In the new tax regime, the deduction in family pension for pensioners has been increased from ₹15,000 to ₹25,000. Sitharaman ji says that this new policy will be a relief for about 4 crore pensioners and salaried people.

The gross tax revenue for 2024-25 is estimated at Rs 38.31 lakh crore, an increase of 11.46 percent if compared with the previous year’s fiscal. Finance Minister Nirmala ji wants to advance development in her country, for which she wants to provide relief to everyone.

In the new tax system, there is no need to pay tax for people earning less than ₹ 3 lakh per year. But there were rumors that exemption could be given to those with income between Rs 3 lakh to Rs 5 lakh. But the rumors remained just rumors.