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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 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
The new tax slabs under the new income tax regime will be effective from April 1, 2024. (Assessment Year 2025-26).
Budget 2024 brought significant changes to the new tax regime, making it more attractive for many taxpayers. Should you consider moving to new tax regime? Read more
Rs 10,000 + Rs 75,00: Rs 17,500
In the new tax regime, the tax rate structure is proposed to be revised, as follows:
CAPITAL GAINS TAX • Short-term gains on certain financial assets will be taxed at 20 per cent.
• Long-term gains (on all financial and non-financial assets) will attract tax of 12.5 per cent.
• Unlisted bonds, debentures, debt mutual funds, market-linked debentures to be taxed at slab rate.
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
– Standard Deduction For Salaried Employees Increased To Rs 75,000 From Rs 50,000 – Salaried Employee In New Tax Regimes Stands To Save Rs 17,500 In Income Tax – Lowest Slab In New Tax Regime Increased To Rs 3 Lk From Rs 2.5 Lk – In the New Tax Regime 5% Tax For Slab Of Rs 3-7 Lk – In New Tax Regime 10% Tax For Slab Of Rs 7-10 Lk – In New Tax Regime 15% Tax For Slab Of Rs 10-12 Lk – In New Tax Regime 20% Tax For Slab Of Rs 12-15 Lk – In the New Tax Regime 30% Tax For Slab Above Rs 15 Lk
Govt proposes to increase tax deduction on family pension for pensioners to Rs 25,000 from Rs 15,000.
New Regime Slabs As Announced By The Finance Minister in Budget 2024
0-3 lk : NIl 3-7 lk : 5% 7-10 lk: 10% 10-12 lk: 15% 12-15 lk: 20% Above 15 lk : 30%
Reopening of I-T assessment after 3 years only in cases where escaped income is Rs 50 lakh and above: FM.
No Angel Tax On All Classes Of Assets
Long-term Cap Gains On All Financial & Non-Financial Instruments Will Attract 12.5%. Short-term Gains Will Attract 20% On Some Assets. Limit Of Long-term Cap Tax Gains Exemption Hiked To Rs 1.25 Lakh From Rs 1 Lakh
Two tax exemption regimes for charitable trusts to be merged into one, says finance minister.
Limit increased in capital gains tax
58 pc of corporate tax came from simplified tax regime in FY23. More than two-thirds of individuals availed new tax regime: FM
Two Tax Incentive Regimes For Charity Sector Will Be Merged Into One
58% Of Corporate Tax Came From Simplified Tax Regime In FY23