Budget 2024:  New Rules for Tax Payers..!!

Now let's see what the new and old slabs look like and how many differences there are...! In the Union Budget presented today, Finance minister Nirmala Sitharaman has made some changes in the income tax policy for employees. At the same time, along with slight changes in the tax slabs, they also eased the standard deduction. In this background, let's see how new and old slabs are and how many differences there are...! Yes... Union minister Nirmala Sitharaman in the recently introduced budget has made slight changes in the new tax system giving a little relief to the employees. As a part of this, it has been announced that the standard deduction will be increased from Rs.50 thousand to Rs.75 thousand. By this, the taxpayers can save up to Rs.17,500 in tax.
According to the changes proposed in the latest budget, there is no tax up to Rs.3 lakh in the new tax system. At the same time previously there was a tax of 5 percent in the slab of Rs. 3 to 6 lakhs now that limit has been increased to Rs. 7 lakhs. Also, previously the threshold of 6 to 9 lakhs has been changed from Rs. 7 to 10 lakhs. 10 percent tax will be applied to those who have this much income. At the same time, Previously, those with an annual income of Rs. 9 - 12 lakhs were taxed at 15% but this limit has been changed to Rs. 10 - 12 lakhs while keeping the same tax rate. However just like the old slab system, even now the 30 percent tax levy for those with an annual income of Rs.15 lakhs is being continued without any changes.New Slab Method!:

From zero to Rs.3 lakhs there is no tax

5 percent tax from Rs.3 to 7 lakhs

10 percent tax from Rs.7 to 10 lakhs

Rs. 10 to 12 lakhs 15 percent tax

Rs. 12 to 15 lakhs 20 percent tax

Rs. Above 15 lakhs, 30 percent tax will be applicable.

The Old Slab Method!:

From zero to Rs.3 lakhs there is no tax

5 percent tax from Rs. 3 to 6 lakhs

10 percent tax from Rs.6 to 9 lakhs

Rs. 9 to 12 lakhs 15 percent tax

Rs. 12 to 15 lakhs 20 percent tax

Rs. 30 percent tax applied above 15 lakhs!
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budget 2024

Sowmiya Sriram

23/07/2024 01:51 PM