Union Budget 2024: Personal Income Tax Rates Revised, Standard Deduction for Salaried Employees Raised to INR 75 Thousand Under New Tax Regime; Says Finance Minister Nirmala Sitharaman (Watch Video)

In the Union Budget 2024 presentation, Finance Minister Nirmala Sitharaman announced significant revisions to personal income tax rates under the new tax regime. The standard deduction for salaried employees will be increased from INR 50 Thousand to INR 75 Thousand. Sitharaman further detailed the revised tax rate structure: income up to INR 3 lakh will be tax-exempt, INR 3-7 lakh will be taxed at five per cent, INR 7-10 lakh at 10 per cent, INR 10-12 lakh at 15 per cent, INR 12-15 lakh at 20 per cent, and income above INR 15 lakh at 30 per cent. These changes aim to provide relief to taxpayers and simplify the tax system. These changes aim to provide relief to salaried individuals and simplify the tax framework. Union Budget 2024: Finance Minister Nirmala Sitharaman Proposes New Measures for E-Commerce TDS and Charity Tax Exemptions.

Budget 2024: Income Tax Rates Revised

Budget 2024: Standard Deduction Raised to INR 75 Thousand

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