Finance Minister (FM) Nirmala Sitharaman on Tuesday announced a revision in the new tax regime for the financial year 2024-25, realigning tax slabs to provide additional benefits to taxpayers opting for this structure.
"There are slight changes in the slab ranges while tax rates remain the same. Such changes are expected to save around ₹17,500 in taxes," said Ritika Nayyar, partner, Singhania & Co.
Tax slabs changed
Incomes in the ₹3-6 lakh slab were earlier subject to tax at the rate of 5 per cent. This tax rate will now apply to incomes in the ₹3-7 lakh slab. Similarly, incomes in the slab of ₹6-9 lakh were taxed at the rate of 10 per cent. This has now been revised to apply to incomes of ₹7-10 lakh. The ₹9 lakh to 12 lakh slab now becomes ₹10 lakh to ₹12 lakh with a tax rate of 15 per cent.
Standard deduction hiked
This story is from the July 24, 2024 edition of Business Standard.
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This story is from the July 24, 2024 edition of Business Standard.
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