Mon, Jul 22, 2024
Income Tax Slabs 2024-25 Budget 2024 Highlights: Finance Minister Nirmala Sitharaman increased the standard deduction income tax limit from Rs 50,000 to Rs 75,000 in the new tax regime. She has also introduced three new tax slabs in the new tax regime. The three new tax slabs that have been announced are Rs 3 lakh-7 lakh, Rs 7 lakh-10 lakh, and Rs 10 lakh- Rs 12 lakh. They have replaced Rs 3 lakh-Rs 6 lakh, Rs 6 lakh-9 lakh, and Rs 9 lakh-Rs 12 lakh.
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Old vs New Income Tax Slabs: The old regime has the same tax slabs as announced in the 2012–13 budget. Inflation has increased significantly in the last 12 years, but there have been no changes in slabs. A BankBazaar.com study shows Rs 10 lakh earned in 2012–13 is now Rs 5.50 lakh, so the 20 per cent tax slab should be Rs 9–18 lakh. Amid such a scenario, will finance minister Nirmala Sitharaman increase tax slabs in the Union Budget 2024 tomorrow (July 23, 2024)? Here's what Zee Business sources say
Mon, Apr 01, 2024
The finance ministry said on Monday that there is no new in the new tax regime from 01.04.2024. "The new tax regime under section 115BAC(1A) was introduced in the Finance Act 2023, as compared to the existing old regime (without exemptions)," the ministry said in a tweet on X.
Sat, Apr 01, 2023
April 1 is important from personal point of view as many changes kicks in. In this video, we highlight the 5 changes that will come into effect in FY24.
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