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Income Tax Budget 2024 LIVE: New Tax Slabs, Increased Standard Deduction, Will Taxpayers Shift To New Tax Regime?

Published By: Namit Singh Sengar

News18.com

Last Updated: July 23, 2024, 14:17 IST

New Delhi, India

Finance Minister Nirmala Sitharaman presenting the Union Budget 2024.

Income Tax News LIVE: Stay informed with real-time updates on the Income Tax Budget 2024. FM has announced revised tax slabs and increased standard deduction.

Union Budget 2024 Income Tax LIVE: Finance Minister Nirmala Sitharaman on Tuesday announced changes in the new tax regime of income tax.

FM rewarded the new tax regime by announcing revised tax slabs and a standard deduction of Rs 75,000 from Rs 50,000.

Budget 2024 income tax slab

  • The lowest slab in the new tax regime increased to Rs 3 Lakh from Rs 2.5 Lakh
  • 5% tax for slab of Rs 3-7 Lakh
  • 10% tax for slab of Rs 7-10 Lakh
  • 15% tax for slab of Rs 10-12 Lakh
  • 20% tax for slab of Rs 12-15 Lakh
  • 30% above Rs 15 lakh

The new tax slabs under the new income tax regime will be effective from April 1, 2024. (Assessment Year 2025-26).

Stay informed with our comprehensive coverage of Union Budget 2024. Get the latest on new income tax slab rates for AY 2024-25 in Income Tax Slabs Budget 2024 LIVE Updates . Track the impact of Budget 2024 on the stock market in Stock Market Budget Day 2024 LIVE Updates. Watch Union Budget LIVE Streaming here

Live Feed

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  • July 23, 2024
    13:51 IST

    Income Tax Budget 2024 LIVE: New Tax Regime Rs 17,500 Tax Saving Calculation

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    • Standard deduction Rs 25,000 additional @ 30% = Rs 7,500

    Rs 10,000 + Rs 75,00: Rs 17,500

  • July 23, 2024
    13:22 IST

    Income Tax Budget 2024 LIVE: New Tax Regime

    In the new tax regime, the tax rate structure is proposed to be revised, as follows:

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  • July 23, 2024
    13:18 IST

    Income Tax Budget 2024 LIVE

    CAPITAL GAINS TAX • Short-term gains on certain financial assets will be taxed at 20 per cent.

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    • Unlisted bonds, debentures, debt mutual funds, market-linked debentures to be taxed at slab rate.

  • July 23, 2024
    12:49 IST

    Salaried Employees To Save Rs 17,500 Annually In Taxes: FM

    Salaried employees under new tax regime to save up to Rs 17,500 annually in taxes due to changes proposed in FY25 Budget, says Finance Minister Nirmala Sitharaman on Tuesday. Read more

  • July 23, 2024
    12:36 IST

    Income Tax Budget 2024 LIVE: All Changes In New Regime

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  • July 23, 2024
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  • July 23, 2024
    12:31 IST

    Income Tax Budget 2024 LIVE: Changes In New Tax Regime

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    0-3 lk : NIl 3-7 lk : 5% 7-10 lk: 10% 10-12 lk: 15% 12-15 lk: 20% Above 15 lk : 30%

  • July 23, 2024
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    Income Tax Budget 2024 LIVE: New Tax Regime Changed

    Read full Article
  • July 23, 2024
    12:24 IST

    Income Tax Budget 2024 LIVE: Standard Deduction Increased To Rs 75,000

  • July 23, 2024
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  • July 23, 2024
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  • July 23, 2024
    12:17 IST

    Income Tax Budget 2024 LIVE

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  • July 23, 2024
    12:16 IST

    Income Tax Budget 2024 LIVE

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  • July 23, 2024
    12:15 IST

    Income Tax Budget 2024 LIVE

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first published:July 23, 2024, 06:06 IST
last updated:July 23, 2024, 14:07 IST