Budget 2024 Update: Tax Slabs Under New Regime Updated

Budget 2024 Update: Tax Slabs Under New Regime Updated

The Budget 2024 has revised the tax slabs in the New Regime, providing taxpayers with an extra opportunity to save Rs. 17,500 in taxes. Additionally, the standard deduction has been raised to Rs. 75,000 under this regime and the family pension deduction has been increased to Rs. 25,000 from Rs. 15,000. This is applicable for the FY 2024-25. The comparison between the tax slabs post-budget and pre-budget is as follows:

NOTE:

• Income tax exemption limit is
  • up to Rs 2,50,000 for Individuals, HUF below 60 years aged and NRIs.
  • up to Rs 3,00,000 for senior citizens aged above 60 years but less than 80 years.
  • up to Rs 5,00,000 for super senior citizens aged above 80 years.

• Surcharge and cess will be applicable over and above the tax rates

However, under the new tax regime rebate is up to Rs.25,000 is applicable if the total income does not exceed Rs 7,00,000. (not applicable for NRIs)

* Tax rebate equivalent to an amount, tax payable is when the total income exceeds Rs 7,00,000. (not applicable for NRIs)

NOTE:

• Income tax exemption limit is up to Rs 3,00,000 for Individuals, HUF opting for the new regime.
• Surcharge and cess will be applicable over and above the tax rates.