Understanding the New Income Tax Slabs in Budget 2024

Tuesday, 23 July 2024, 12:09
The 2024 Budget, presented by Finance Minister Nirmala Sitharaman, has brought significant changes to the income tax structure. Notably, the tax slabs have been revised under the new tax regime, impacting individuals earning ₹15 lakh. Additionally, the standard deduction limit has been updated, which will affect tax liabilities for many taxpayers. These adjustments aim to simplify the tax process and provide clearer financial planning for citizens.
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Understanding the New Income Tax Slabs in Budget 2024

New Tax Slabs in Budget 2024

In Budget 2024, Finance Minister Nirmala Sitharaman introduced changes to the income tax framework. These changes include:

  • Revised tax slabs affecting individuals earning ₹15 lakh.
  • Increased standard deduction limit.
  • Overall impact on tax liabilities for many taxpayers.

Conclusion

The adjustments made in the 2024 Budget aim to enhance clarity in tax obligations and financial planning. Taxpayers should evaluate how these changes influence their income tax scenarios.

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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