Union Finance Minister Nirmala Sitharaman presented the Budget for the financial year 2024-25 on Tuesday. This Budget marks the third term of the National Democratic Alliance government under the Bharatiya Janata Party. Key announcements included revised income tax slabs and special financial projects for Bihar and Andhra Pradesh.
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- The Centre revised the income tax slabs for the new tax regime.
- No tax will be levied on annual income up to Rs 3 lakh.
- A 5% tax rate will apply to income from Rs 3 lakh to Rs 7 lakh.
- Income between Rs 7 lakh to Rs 10 lakh will be taxed at 10%.
- Income from Rs 10 lakh to Rs 12 lakh will face a 15% tax rate.
- Income between Rs 12 lakh to Rs 15 lakh will be taxed at 20%.
- Income above Rs 15 lakh will be taxed at 30%.
- Standard deduction limit for salaried individuals under the new tax regime increased from Rs 50,000 to Rs 75,000.
- Deduction for family pension for pensioners hiked from Rs 15,000 to Rs 25,000.
- The changes are expected to help salaried employees save up to Rs 17,500 in income taxes.
