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Income Tax Expectations: What can Budget 2024 do for salaried, middle class taxpayers and common man?
Credit: IndiaTimes- Published on July 22, 2024
Income Tax Expectations Budget 2024: What can you expect from the Modi 3.0 government’s Budget 2024? What are the top expectations from an income tax perspective and what do the experts recommend? We take a look:
Video credit: Oneindia
Published on July 23, 2024 - 03:14
Budget 2024: Budget 2024: FM Sitharaman Unveils Game-Changing Overhaul in Personal Income Tax Slabs
On July 23, Finance Minister Nirmala Sitharaman announced significant revisions to personal income tax rates under the new tax regime during the presentation of the Annual Budget 2024 in Lok Sabha. The new tax slabs are designed to provide relief to taxpayers and simplify the tax structure: no tax will be levied on annual incomes up to ₹3 lakh; a 5% tax will apply to incomes between ₹3 lakh and ₹7 lakh; a 10% tax for incomes between ₹7 lakh and ₹10 lakh; and a 15% tax for incomes between ₹10 lakh and ₹12 lakh. These changes aim to benefit a broad section of taxpayers and enhance the overall ease of compliance.
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