New tax regime changes in Budget 2024: New tax slabs, standard deduction limit hike, other key announcements
income tax slabs in the new tax regime for the current financial year 2024-25 in her budget speech. This is the first budget of Modi government in the third term.
#Budget' 2024 with ET
Budget Highlights: Your 2-minute guide
New slabs announced in new income tax regime
Stock market mood check on Budget Day
The changes proposed in the new tax regime are as follows:
1. Income tax slabs relaxed from incomes up to Rs 10 lakh
2. Standard deduction limit for salaried and pensioners hiked to Rs 75,000 from Rs 50,000
3. Standard deduction limit for family pensioners hiked to Rs 25,000 from Rs 15,000
4. Deduction on employer's NPS contribution for private sector employees hiked to 14% from 10%.
Just tuning in? These are the biggest announcements from Sitharaman this morning
New income tax slabs announced in new tax regime in Budget 2024
Indexation benefit on sale of property removed; new LTCG rate of 12.5% announced for capital gains on sale of property
Budget for coalition parties: FM Sitharaman grants 'special' wishes of Naidu's Andhra Pradesh and Nitish's Bihar
More News
Budget 2024 highlights: Key income tax, personal finance announcements
Proposed income tax slabs in new tax regime from April 1, 2024
Income tax rate (%)
Up to 3,00,000
0
3,00,001 – 7,00,000
5%
7,00,001 – 10,00,000
10%
10,00,001-12,00,000
15%
12,00,001-15,00,000
20%
15,00,001 and above
30%
Current income tax laws require an individual, not having any business income, to choose between the new and old tax regime every financial year.
