Finance Minister Nirmala Sitharaman announced a revision to the tax rate structure under the new income tax regime in the 2024 budget. The changes are expected to result in significant savings for taxpayers, with an estimated ₹17,500 reduction in income tax for eligible individuals.
The new tax slabs are as follows:
- Income up to ₹3 lakh: Nil
- Income from ₹3 lakh to ₹7 lakh: 5%
- Income from ₹7 lakh to ₹10 lakh: 10%
- Income from ₹10 lakh to ₹12 lakh: 15%
- Income above ₹15 lakh: 30%
“This revised tax structure aims to provide relief to the middle class and simplify the tax process,” Sitharaman stated. The new regime is set to benefit a wide range of taxpayers, making the system more equitable and easier to navigate.
News Desk
