The Union Budget 2024 brought welcome news for taxpayers, particularly those opting for the new tax regime. Finance Minister Nirmala Sitharaman announced a revision of the tax structure, offering significant relief to the middle class.
Here’s a breakdown of the revised tax slabs under the new regime:
- Income up to ₹3 lakh: Nil Tax
- Income between ₹3-7 lakh: 5% Tax
- Income between ₹7-10 lakh: 10% Tax
- Income between ₹10-12 lakh: 15% Tax
- Income between ₹12-15 lakh: 20% Tax
- Income above ₹15 lakh: 30% Tax
This revision translates to potential tax savings of up to ₹17,500 for taxpayers. Let’s see what this means for you
Budget 2024 seems to be taking a taxpayer-friendly approach, particularly for middle-class earners opting for the new tax regime. This revision offers tax relief and potentially simplifies the tax filing process.