Brief by Shorts91 Newsdesk / 09:20am on 23 Jul 2024,Tuesday India
In the Union Budget 2024, Finance Minister Nirmala Sitharaman introduced revised tax slabs under the new tax regime, aimed at benefiting salaried individuals. The standard deduction was increased from Rs 50,000 to Rs 75,000, saving taxpayers Rs 17,500 annually. New tax slabs include 0% tax on income up to Rs 3 lakh, 5% on Rs 3 lakh to Rs 7 lakh, and varying rates up to 30% for incomes above Rs 15 lakh. Additionally, deductions for NPS contributions were raised from 10% to 14%, and family pension deductions increased from Rs 15,000 to Rs 25,000.
