Budget 2024: Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 in Parliament, outlining the government’s financial roadmap for the coming year. While the budget covered various sectors, individual taxpayers were particularly interested in details regarding income tax changes.
No Changes to Income Tax Slabs for 2024-25
One of the key announcements for individual taxpayers was the continuation of existing income tax slabs under both the old and new tax regimes. This means individuals continue to be taxed based on their income brackets as per the previous year’s budget.
Tax-Free Income Up to Rs 7 Lakh Remains
Additionally, the budget maintained the tax exemption on income up to Rs 7 lakh per annum. This includes the standard deduction of Rs 50,000 introduced in the previous budget for the new tax regime.
New Tax Regime Remains Default
As announced earlier, the new tax regime continues to be the default option for taxpayers. However, the old regime remains available for those who prefer it.
Stability and Clarity for Taxpayers
While some may have hoped for increased exemptions or revised slabs, the budget provides stability and clarity for individual taxpayers regarding their tax liabilities in the upcoming financial year.
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