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Union Budget 2024: 5 key income tax changes that citizens expect from FM Nirmala Sitharaman
Credit: DNA- Published on July 23, 2024
This budget is eagerly awaited as it will outline the government's economic plans and priorities for the coming year
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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