By Team foundit
July 23, 2024
The Union Budget 2024 has introduced important changes to the income tax slabs and rates.
New Tax Regime: Up to ₹3,00,000 - 0%, ₹3,00,001 to ₹6,00,000 - 5%, ₹6,00,001 to ₹9,00,000 - 10%. ₹9,00,001 to ₹12,00,000 - 15%, ₹12,00,001 to ₹15,00,000 - 20%, Above ₹15,00,000 - 30%.
The basic exemption limit is increased to ₹3,00,000 from ₹2,50,000 under the new tax regime.
The tax rebate limit under Section 87A is raised to ₹7,00,000, meaning no tax for income up to this amount.
The number of income tax slabs has been reduced from six to five in the new regime.
The highest surcharge rate is reduced from 37% to 25% in the new tax regime.
Standard deduction increased to ₹75,000. Salaried employees can save up to ₹17,500 under the revised new tax regime.
There are no changes to the old tax regime slabs and rates