Budget 2024 New Income Tax Slab:  Finance Minister Nirmala Sitharaman in her budget speech announced that the standard deduction under the new tax regime will be increased from Rs 50,000 to Rs 75,000. The Finance Minister said that this would help salaried individuals and middle-class people. she has also revised the tax regime. However, she did not make any changes for people opting old tax regime.

"For those opting for the new tax regime, the standard deduction for salaried employees to be increased from Rs 50,000 to Rs 75,000," Finance Minister Nirmala Sitharaman.

The Finance Minister also announced a revision in the present tax regime. As per the revised slab, people earning up to Rs 3 lakh will not have to pay any taxes, and those who are earning between Rs 3 Lakh to Rs 7 lakh will pay a 5% tax, Earning between Rs 7 lakh to Rs 10 lac to attract 10% tax, people earning between Rs 10 Lakh to Rs 12 lakh will pay 15% tax and those who have earning above Rs 15 lakh will pay 30% tax. 

"Under the new tax regime, the tax rate structure is to be revised as follows - Rs 0-Rs 3 lakh -Nil, Rs 3-7 lakh -5%, Rs 7-10 lakh-10%, Rs 10-12 lakh-15%, 12-15 lakh- 20% and above Rs 15 lakh-30%," said the Finance Minister Nirmala Sitharaman in her budget speech.

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Revised Tax Slab 2024

Rs 0-3 Lakh - No tax

Rs 3-7 Lakh - 5% tax

Rs 7-10 Lakh - 10% tax

Rs 10-12 lakh - 15% tax

Rs 12-15 lakh - 20% tax

Above Rs 15 lakh - 30% tax

Previous New tax Slab (Till FY 2023-24)

Up to 3 lakh - No Tax

Rs 3 lakh to Rs 6 lakh - 5% tax

Rs 6 Lakh to Rs 9 lakh - 10% tax

Rs 9 lakh to Rs 12 lakh - 15% tax

Rs 12 lakh to Rs 15 lakh - 20% tax

Over Rs 15 lakh - 30% tax

The Minister also proposed to increase the deduction for pensioners from Rs 15,000 To Rs 25,000 (Only For New Tax Regime).  In her budget speech, the finance minister said that in recent years the government has taken numerous measures to simplify taxation.

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