Union Budget 2024-25: Changes In New Income Tax System: Increase In Standard Deduction

Delhi/Hyderabad, July 23 (Maxim News): Union finance Minister Nirmala Sitharaman has made some changes in the new tax regime in the budget giving a little relief to the wage earners. Along with the change in the tax slabs, she relaxed the matter of standard deduction.

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While the standard deduction is currently Rs. 50 thousand, it has been announced that the amount will be increased to Rs. 75 thousand.

Sitharaman Announces Tax Savings Up to Rs. 17,500

Nirmala Sitharaman that the taxpayers can save tax up to Rs. 17,500 due to this. No changes have been made in the old tax system. she announced in the budget speech.

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According to the changes proposed in the budget. As always, there is no tax up to in the new tax regime. previously, the tax was 5 percent in the Rs. 3 – 6 lakh bracket.

Now the limit has been increased to Rs. 7 lakh. A slight change was made in the syllables. Previously the threshold of Rs. 6.9 lakhs has also changed to Rs. 7-10 lakhs. With this, a 10 percent tax will be applied to those with an annual income of Rs. 10 lakh.

The New Slabs Are:

–  From zero to Rs. 3 lakhs the tax is zero

–  5 percent tax upto Rs. 3-7 lakhs

–  10 percent tax upto Rs. 7-10 lakhs

–  15 percent tax upto Rs.10-12 lakhs

–  20 percent tax upto Rs. 12-15 lakhs

–  30 percent tax above Rs. 15 lakh  

(Maxim News)

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