• Source:JND
Add as a preferred

Budget 2024 Income Tax Slabs: Finance Minister Nirmala Sitharaman announced that there will be no changes in the tax regime as she presented the Narendra Modi government's interim Budget in Parliament February 1. "I propose no changes in tax rates for direct and indirect taxes, including import duties," said Sitharaman. 

The number of tax filers grew 2.4 times and direct tax collection rose threefold since 2014. The tax base of Goods and Services Tax (GST) has more than doubled since FY14, the finance minister said.

Sitharaman further highlighted that the income tax department has managed to reduce the processing time of tax returns from 93 days in FY14 to 10 days. She also said that refunds have been made faster. The government continues to be on the path of fiscal consolidation to reduce fiscal deficit to 4.5 pc in 2025-26. 

Budget 2023: Changes In Tax Regime

Union Budget 2023 had announced several changes to the income tax slabs under the new tax regime, which became the default tax regime from April 1, 2023. Tax assessors can still choose between the old tax regime and the new one.

Old Tax Regime

Here's a look at the income tax slabs under the old tax regime:

Income Range - Rates
Up to 2.5 Lakh - Nil
2.5 Lakh to 5 Lakh - 5%
5 Lakh to 10 Lakh - 20%
Above 10 Lakh - 30%

New Tax Regime

Here's a look at the income tax slabs under the new tax regime:

Up to 3 Lakh - Nil
3 Lakh to 6 Lakh - 5%
6 Lakh to 9 Lakh - 10%
9 Lakh to 12 Lakh - 15%
12 Lakh to 15 Lakh - 20%
Above 15 Lakh - 30%

Budget 2023: Tax Rebate Limit Raised To Rs 7L

The tax rebate limit was raised from Rs 5 Lakh to Rs 7 lahk which meant that the person whose income is less than Rs 7 lakh need not invest anything to claim exemptions and the entire income would be tax-free irrespective of the quantum of investment made by such an individual.

Vote-On-Account Budget

The finance minister on Thursday presented the vote-on-account Budget in Parliament as the country goes to polls this year. The full Budget for financial year 2024-25 will be presented by Centre after the Lok Sabha elections are concluded and a new government is formed. The Lok Sabha polls are likely to be held in the months of April and May. Meanwhile, the interim Budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls.

Also In News