Income Tax Slabs Revised: Salary Impact Analysis

Tuesday, 23 July 2024, 15:34

The Union Budget 2024 has introduced revised personal income tax slabs, which are expected to make the new tax regime more appealing. More than two-thirds of tax filers opted for the new regime last fiscal year. Key changes include the introduction of new tax slabs and an increased standard deduction, effectively lowering the taxable income for many individuals. Understanding how these changes affect salaries of Rs 7 lakh, Rs 10 lakh, Rs 12 lakh, and Rs 20 lakh is crucial for tax planning.
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Income Tax Slabs Revised: Salary Impact Analysis

Understanding the Revised Income Tax Slabs

The Union Budget 2024 has brought significant changes to the personal income tax structure.

Key Changes:

  • Introduction of New Tax Slabs
  • Increased Standard Deduction
  • More Affordability for Tax Filers

Tax Implications

With the revised tax slabs, taxpayers earning Rs 7 lakh, Rs 10 lakh, Rs 12 lakh, and Rs 20 lakh will see different impacts on their overall tax burdens.

  1. Taxpayers earning Rs 7 lakh will benefit significantly from the increased standard deduction.
  2. Those with Rs 10 lakh salaries will find their tax levels more manageable under the new regime.
  3. Salaries at Rs 12 lakh will also experience favorable adjustments, enhancing take-home pay.
  4. Even income at Rs 20 lakh will see considerable benefits due to the new tax layout.

In conclusion, these changes aim to make the tax regime more appealing while easing the burden on middle-income earners.


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.


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