Budget 2024: As expected, in the run up to the General Elections, Union Finance Minister Nirmala Sitharaman neither tweaked nor put any additional tax burden on citizens, in the interim Budget for 2024-25 tabled on Thursday, February 1.

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FM Sitharaman said in her Budget speech, "Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties."

To ensure tax continuity, she proposed extending the date by another year for certain tax benefits to start-ups and investments made by sovereign wealth or pension funds as well as tax exemption on certain income of some IFSC units that are expiring in March 2024. 

Also Read - Budget 2024 Income Tax Slabs Highlights: FM Nirmala Sitharaman retains same tax rates for direct and indirect taxes

Here are the unchanged Old Tax Regime and New Tax Regime Income Tax Slabs for individuals below 60 years of age —

 

 

New Tax Regime  
Income Slabs Income Tax Rates
Upto Rs 2,50,000  
Rs 2,50,000 - Rs 5,00,000 5% above ₹ 2,50,000
Rs 5,00,000 - Rs 7,50,000 Rs 12,500 + 10% above Rs 5,00,000
Rs 7,50,000 - Rs 10,00,000 Rs 37,500 + 15% above Rs 7,50,000
Rs 10,00,000 - Rs 12,50,000 Rs 75,000 + 20% above Rs 10,00,000
Rs 12,50,000 - Rs 15,00,000 Rs 1,25,000 + 25% above Rs 12,50,000
Above Rs 15,00,000 Rs 1,87,500 + 30% above Rs 15,00,000
   
Old Tax Regime  
Income Slabs Income Tax Rates
Up to Rs 2.5 lakh NIL
Rs 2.5 lakh - Rs 5 lakh 5% above Rs 2,50,000
Rs 5 lakh - Rs 10 lakh Rs 12,500 + 20% above Rs 5,00,000
Above Rs 10 lakh Rs 1,12,500 + 30% above Rs 10,00,000