In a significant move, the Indian government’s Union Budget 2024 has introduced additional incentives for taxpayers opting for the new tax regime. The finance minister announced that over two-thirds of taxpayers have already chosen the new regime in the financial year 2023. The new provisions aim to make the regime more attractive, especially for salaried and retired individuals.
Standard Deduction Increased
The standard deduction for salaried and retired taxpayers opting for the new tax regime has been increased from Rs 50,000 to Rs75,000.
However, those choosing the old tax regime will continue to receive a standard deduction of Rs 50,000.
Revised Tax Slabs and Rates
The budget has also revised tax slabs and rates favouring taxpayers and pensioners under the new regime:
Income up to Rs3 lakh: Nil tax Rs3-7 lakh: 5% tax (previously 5% on Rs3-6 lakh)
Rs7-10 lakh: 10% tax (previously 10% on Rs6-9 lakh)
Rs10-12 lakh: 15% tax (previously 15% on Rs9-12 lakh)
Rs12-15 lakh: 20% tax (no change)
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