For the best experience, open
https://m.greaterkashmir.com
on your mobile browser.

Budget offers income tax sops for 4 crore salaried individuals

On Personal Income Tax Rates, FM Sitharaman announced two announcements to make for those opting for the new tax regime
01:04 PM Jul 23, 2024 IST | IANS
budget offers income tax sops for 4 crore salaried individuals
Budget offers income tax sops for 4 crore salaried individuals
Advertisement

New Delhi, July 23: Finance Minister Nirmala Sitharaman offered a bonanza for four crore salaried individuals and pensioners with the Budget announcements for 2024-25.

Advertisement
   

On Personal Income Tax Rates, FM Sitharaman announced two announcements to make for those opting for the new tax regime.

Advertisement

First, the standard deduction for salaried employees is proposed to be increased from Rs 50,000 to Rs 75,000.

Advertisement

Similarly, the deduction on family pension for pensioners is proposed to be enhanced from Rs  Rs 15,000 to Rs 25,000/-. This will provide relief to about four crore salaried individuals and pensioners, the Finance Minister said.

Advertisement

In the new tax regime, the tax rate structure is to be revised as follows;

Advertisement

0-3 lakh rupee - Zero

Advertisement

3-7 lakh - 5 per cent

Advertisement

7-10 lakh - 10 per cent

10-12 lakh - 15 per cent

12-15 lakh - 20 per cent

15 lakh and above - 30 per cent

“Salaried employees in the new tax regime will save up to Rs 17,500 in income tax,” the Finance Minister said.

She said that as per data available till now for the last fiscal, more than two-thirds have availed the new personal income tax regime.

Advertisement
×