Budget 2024: New Rules for Tax Payers..!!
Now let's see what the new and old slabs look like and how many differences there are...! In the Union Budget presented today, Finance minister Nirmala Sitharaman has made some changes in the income tax policy for employees. At the same time, along with slight changes in the tax slabs, they also eased the standard deduction. In this background, let's see how new and old slabs are and how many differences there are...! Yes... Union minister Nirmala Sitharaman in the recently introduced budget has made slight changes in the new tax system giving a little relief to the employees. As a part of this, it has been announced that the standard deduction will be increased from Rs.50 thousand to Rs.75 thousand. By this, the taxpayers can save up to Rs.17,500 in tax.
From zero to Rs.3 lakhs there is no tax
5 percent tax from Rs.3 to 7 lakhs
10 percent tax from Rs.7 to 10 lakhs
Rs. 10 to 12 lakhs 15 percent tax
Rs. 12 to 15 lakhs 20 percent tax
Rs. Above 15 lakhs, 30 percent tax will be applicable.
The Old Slab Method!:
From zero to Rs.3 lakhs there is no tax
5 percent tax from Rs. 3 to 6 lakhs
10 percent tax from Rs.6 to 9 lakhs
Rs. 9 to 12 lakhs 15 percent tax
Rs. 12 to 15 lakhs 20 percent tax
Rs. 30 percent tax applied above 15 lakhs!