Budget 2024: 5 Important Updates on Personal Income Tax Slab for FY 2024-25
Changes in Personal Income Tax Slab for FY 2024-25 under new tax regime
- The standard deduction for salaried employees has been raised from ₹50,000 to ₹75,000.
- The deduction on family pension for pensioners has been increased from ₹15,000 to ₹25,000.
- The income tax slab has been revised under the new regime.
- Salaried employees in the new tax regime can potentially save up to ₹17,500 in income tax.
- There are no changes in the tax structure under the old regime.
New Regime Revised tax rate structure:
Table of Contents
| Pre-Revised | Revised Tax Structure | ||
| Tax Slab for FY 2023-24 | Tax Rate | Tax Slab for FY 2024-25 | Tax Rate |
| Upto ₹ 3 lakh | Nil | Upto ₹ 3 lakh | Nil |
| ₹ 3 lakh – ₹ 6 lakh | 5% | ₹ 3 lakh – ₹ 7 lakh | 5% |
| ₹ 6 lakh – ₹ 9 lakh | 10% | ₹ 7 lakh – ₹ 10 lakh | 10% |
| ₹ 9 lakh – ₹ 12 lakh | 15% | ₹ 10 lakh – ₹ 12 lakh | 15% |
| ₹ 12 lakh – ₹ 15 lakh | 20% | ₹ 12 lakh – ₹ 15 lakh | 20% |
| More than 15 lakhs | 30% | More than 15 lakhs | 30% |
Things You Must Know before filing IT Return
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