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New tax regime made attractive
Standard deduction hiked; tax slabs tweaked
New Delhi: The Union Budget 2024 brought some relief for the middle class by further sweetening the new tax regime by changing tax slabs and raising standard deductions limit that would help a taxpayer save up to Rs 17,500 in a year.
The standard deduction under the new income tax regime for the financial year 2024-25 will be hiked to Rs 75,000 from the previous year’s Rs 50,000. Deduction on family pension for pensioners is proposed to be enhanced from Rs 15,000 to Rs 25,000 under the new tax regime.
The changes in deduction limits will provide relief to about 4 crore salaried individuals and pensioners, Union Finance Minister Nirmala Sitharaman said while presenting the budget in the Lok Sabha.
The tax slabs under the new regime have been changed. The income from Rs 3 to 7 lakh will be taxed at 5 per cent; from Rs 7 to 10 lakh at 10 per cent; Rs 10 to 12 lakh at 15 per cent; Rs 12 to 15 lakh at 20 per cent and above Rs 15 lakh at 30 per cent.
Earlier, in the new tax regime 5 per cent tax was applicable for income from Rs 3 to 6 lakh. From Rs 6 to 9 lakh was taxed at 10 per cent; Rs 9 to 12 lakh at 15 per cent; Rs 12 to 15 lakh at 20 per cent and above Rs 15 lakh at 30 per cent.
