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How can Budget 2024 make the new income tax regime more attractive for salaried taxpayers? Top points from TOI Online tax experts’ survey
Credit: IndiaTimes- Published on July 22, 2024
Income Tax Expectations Budget 2024: What can be done to make the new income tax regime more attractive than the old tax regime, especially for individuals who have done their tax planning based on the old regime? TOI Online Survey of personal tax experts finds out:
Video credit: Oneindia
Published on July 24, 2024 - 05:45
Budget 2024: New Income Tax Slabs & Rate Cuts Will Benefit the Middle Class?| Explained
Finance Minister Nirmala Sitharaman revised tax slabs in the new regime, expanding the first taxable bracket from ₹3-6 lakh to ₹3-7 lakh, while maintaining the 5% tax rate. Standard deductions were increased, but details weren't provided. No changes were made for incomes below ₹3 lakh, the ₹12-15 lakh slab, or incomes above ₹15 lakh. These adjustments aim to benefit the middle class by potentially reducing their tax burden. However, the full impact depends on individual financial situations and requires further analysis.
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