Income Tax: New Slabs Announced in Budget 2024, Standard Deduction Increased
Finance Minister announces major tax relief for middle-class taxpayers with revised income tax slabs and increased deductions.
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New Delhi: The Finance Minister today announced significant changes to the income tax structure in Budget 2024, providing relief to millions of taxpayers.
New Income Tax Slabs (New Regime)
- Up to ₹3 lakh - Nil
- ₹3-7 lakh - 5%
- ₹7-10 lakh - 10%
- ₹10-12 lakh - 15%
- ₹12-15 lakh - 20%
- Above ₹15 lakh - 30%
Key Changes
- Standard deduction increased from ₹50,000 to ₹75,000
- Tax rebate limit raised to ₹7 lakh (from ₹5 lakh)
- Leave encashment limit increased to ₹25 lakh
"These measures will put more money in the hands of taxpayers, boosting consumption and economic growth," the Finance Minister stated.
The changes will be effective from April 1, 2024.
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