Key Highlights of the 2024 Budget Changes on Income Tax

Tuesday, 23 July 2024, 12:34

The recently announced 2024 budget introduces significant changes in the income tax regime, exempting income up to Rs 7.75 lakh for individuals. Additionally, the standard deduction limit has been increased from Rs 50,000 to Rs 75,000, which will provide substantial savings to taxpayers. These reforms aim to alleviate the tax burden and stimulate economic growth. Overall, taxpayers can benefit from a revised tax structure that prioritizes lower incomes and enhances personal savings.

Indiatoday — Key Highlights of the 2024 Budget Changes on Income Tax

Overview of 2024 Budget Changes

The latest budget unveiling included crucial changes to the income tax framework, benefiting a significant portion of taxpayers.

Major Reforms

Income Tax Exemption: Individuals with an income of up to Rs 7.75 lakh will now enjoy complete tax exemption.
Standard Deduction Increase: The standard deduction limit has been elevated from Rs 50,000 to Rs 75,000.

Impact on Taxpayers

These measures are designed to enhance disposable income and promote savings among lower and middle-income taxpayers.

Conclusion

Overall, the 2024 budget reforms reflect a progressive stance towards taxation, allowing individuals to keep more of their earnings while supporting economic growth.

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.