Budget 2024: FM Sitharaman Announces Revision In Personal Income Tax Slabs
In Budget 2024, Finance Minister Nirmala Sitharaman announced a revision in personal income tax slabs, raising the Standard Deduction limit to ₹75,000 from the existing ₹50,000 under the new tax regime. Although it was anticipated that the Standard Deduction might be increased to ₹1 lakh, the revision still provides some relief. The new tax rates include a 20% tax for those earning ₹12 lakh to ₹15 lakh. Additionally, the long-term capital gains (LTCG) tax rate has been proposed to rise from 10% to 12.5%. Taxpayers earning up to ₹3 lakh will continue to pay no tax, while those with incomes between ₹3 lakh and ₹7 lakh will be taxed at 5%, ₹7 lakh to ₹10 lakh at 10%, ₹10 lakh to ₹12 lakh at 15%, and ₹12 lakh to ₹15 lakh at 20%. Income above ₹30 lakh will be subject to a 30% tax rate.
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