New Tax Regime Slabs Changed, Standard Deduction Up From Rs 50,000 To 75,000
NDTV
The Finance Minister also announced a comprehensive review of the Income Tax Act of 1961, which will make it easier to understand, and reduce any uncertainty.
Standard deduction in the new tax regime will be increased from Rs 50,000 to Rs 75,000, Finance Minister Nirmala Sitharaman said Tuesday as she announced the 2024 Union Budget. #Budgest2024: Tax rate structure revised in new tax regime. The new tax slabs are as follows:Rs 0-3 lakh : NilRs 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
Ms Sitharaman also announced revisions to tax slabs in the new regime.
As a result, Ms Sitharaman said, salaried employees can save as much as Rs 17,500 in the new regime. There will be no change in the old tax slabs, she also said.
