Brief by Shorts91 Newsdesk / 11:50am on 23 Jul 2024,Tuesday India
Finance Minister Nirmala Sitharaman's Budget 2024-25 introduced significant changes to the new tax regime while keeping the old regime unchanged. The standard deduction for salaried employees under the new regime is increased from ₹50,000 to ₹75,000. The revised tax slabs now include 0% for income up to ₹3 lakh, 5% for ₹3-7 lakh, 10% for ₹7-10 lakh, 15% for ₹10-12 lakh, 20% for ₹12-15 lakh, and 30% for income above ₹15 lakh. These changes offer up to ₹17,500 in tax savings for salaried individuals.
