Budget 2024: Budget 2024: FM Sitharaman Unveils Game-Changing Overhaul in Personal Income Tax Slabs
On July 23, Finance Minister Nirmala Sitharaman announced significant revisions to personal income tax rates under the new tax regime during the presentation of the Annual Budget 2024 in Lok Sabha. The new tax slabs are designed to provide relief to taxpayers and simplify the tax structure: no tax will be levied on annual incomes up to ₹3 lakh; a 5% tax will apply to incomes between ₹3 lakh and ₹7 lakh; a 10% tax for incomes between ₹7 lakh and ₹10 lakh; and a 15% tax for incomes between ₹10 lakh and ₹12 lakh. These changes aim to benefit a broad section of taxpayers and enhance the overall ease of compliance.
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~PR.152~ED.102~HT.334~
#BudgetWithOneindia #NirmalaSitharaman #IncomeTax #PersonalIncomeTaxSlabs #NewTaxSlab #IncomeTaxSlabsAnnounced #PMModi #PMModiHailsUnionBudget #PMModiHailsBudget2024 #UnionBudget2024 #NirmalaSitharaman #IndianEconomy #BudgetSpeech #PMModi #EconomicSurvey #FinanceMinister #ParliamentSession #HistoricBudget
~PR.152~ED.102~HT.334~
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NewsTranscript
00:00The standard deduction for salaried employees is proposed to be increased from 50,000 to 75,000 rupees.
00:12Deduction on family pension for pensioners is proposed to be enhanced from 15,000 to 25,000 rupees.
00:24This will provide relief to about 4 crore salaried individuals and pensioners.
00:34Coming to personal income tax rates, I have two announcements to make for those opting for the new tax regime.
00:43First, the standard deduction for salaried employees is proposed to be increased from 50,000 to 75,000 rupees.
00:59Similarly, deduction on family pension for pensioners is proposed to be enhanced from 15,000 to 25,000 rupees.
01:14This will provide relief to about 4 crore salaried individuals and pensioners.
01:28Second, in the new tax regime, the tax rate structure is proposed to be revised as follows.
01:360 to 3 lakh rupees, nil. 3 to 7 lakh rupees, 5%. 7 to 10 lakh rupees, 10%. 10 to 12 lakh rupees, 15%. 12 to 15 lakh rupees, 20%. And above 15 lakh rupees, 30%.
01:59As a result of these changes, a salaried employee in the new tax regime stands to save up to 17,500 rupees in income tax.
02:18Apart from these, I am also making some other changes as given in the annexure.
02:25As a result of these proposals, revenue of about 37,000 crore, i.e. 29,000 crore in direct taxes and 8,000 crore in indirect taxes will be foregone, while revenue of about 30,000 crore rupees will be additionally mobilised.
02:48Thus, the total revenue foregone is about 7,000 crores annually.
02:54Mr. Speaker, Sir, with this, I commend the budget to this August House. Jai Hind.