Exploring the Revised Personal Income Tax Slabs in India's 2024 Union Budget

Tuesday, 23 July 2024, 08:17

In the latest Union Budget for 2024, Finance Minister Nirmala Sitharaman has unveiled significant changes to personal income tax slabs. Individuals earning up to ₹3 lakh will pay no income tax, while those in the ₹3-7 lakh bracket will be taxed at 5%, and the tax rate increases progressively to 15% for incomes between ₹10-12 lakh. This reform aims to provide relief to the middle class and stimulate the economy, making it crucial for taxpayers to understand the new structure and its implications on their finances.

Livemint — Exploring the Revised Personal Income Tax Slabs in India's 2024 Union Budget

Union Budget Highlights

Nirmala Sitharaman, the Finance Minister, has announced key revisions in the personal income tax structure during the 2024 Union Budget.

Revised Income Tax Slabs

No income tax for income up to ₹3 lakh.
5% tax on income between ₹3 lakh and ₹7 lakh.
10% tax for income in the ₹7-10 lakh range.
15% tax applies to income between ₹10-12 lakh.

Conclusion

This new tax structure introduced in the Union Budget of India is aimed at promoting economic growth and providing relief to the middle-income population.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Union Budget Highlights

Revised Income Tax Slabs

Conclusion

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