You can save up to Rs.17,500 under the new tax regime..?
Finance minister Nirmala Sitharaman presented the full budget for the current financial year 2024-25 on July 23. Some changes have been made to the new income tax regime in this budget submission.
Regarding this, Auditor Nagarajan said, “In the new income tax plan for 2024-2025, they have brought this change considering the middle class.
There are two types of income tax i.e. old income tax and new income tax. The old income tax regime gives priority to savings. It was brought in with a view to spending as per the new income tax regime.
There is no change in the old tax levy in this budget submission for the year 2024-25. The new tax regime has brought some changes for the middle class. That is, like last year, the tax rate is 0% for those with an annual income of three lakhs, 5% for those with an income of 3-7 lakhs, 10% for those with an income of 7-10 lakhs, 15% for those with an income of 10-12 lakhs, 12-15 Tax is 20% for those earning lakhs.
15 lakhs income is 30% tax. 17,500 savings for the average individual. That means 17,500 less than last year's tax. And the standard deviation for crores of salaried people has been increased from 50 thousand to 75 thousand. This new tax reform is welcome as it is considered very beneficial for the salaried people and it is beneficial for the middle-class people,” he said.
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