Millions of salaried individuals and pensioners will be happy with the Union Budget 2024. Union Finance Minister Nirmala Sitharaman has announced a revised tax regime with new income tax slabs and an increased standard deduction. The government estimates that the below changes will benefit approximately four crore salaried individuals and pensioners.
The new tax regime will feature the following slabs:
- Income up to Rs 3 lakh: Nil tax
- Income from Rs 3 lakh to Rs 7 lakh: 5% tax
- Income from Rs 7 lakh to Rs 10 lakh: 10% tax
- Income from Rs 10 lakh to Rs 12 lakh: 15% tax
- Income from Rs 12 lakh to Rs 15 lakh: 20% tax
- Income above Rs 15 lakh: 30% tax
This revised structure is expected to provide tax relief of up to Rs 17,500 to salaried employees opting for the new tax regime. A deduction on family pension for pensioners is proposed to enhance from Rs. 15,000 to Rs. 25,000.
Standard deduction rules:
For salaried employees, SD has been hiked from Rs 50,000 to Rs 75,000.
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