Budget 2024 makes new income tax regime more attractive: See how much taxes you can now save
The budget has proposed adjusting the tax slabs under the new tax regime to make it more appealing to taxpayers. The standard deduction has also been proposed to be increased to Rs 75,000 from Rs 50,000 under the new regime. These tweaks will help salaried employees in the new tax regime save up to Rs 17,500 in income tax, Finance Minister Nirmala Sitharaman said in her budget speech.
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The savings in tax due to the change in tax slabs will be more pronounced for the lower and middle income groups, but will be negligible for those in the higher income bracket(see graphic).
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The higher standard deduction of Rs 75,000 means anybody with an annual income of Rs 7.75 lakh will not have to pay any tax. Under the new tax regime, a taxpayer with an annual income of up to Rs 7 lakh per year is eligible
