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Union Budget 2024: FM Nirmala Sitharaman revises tax slabs under new regime

As a result of these changes, the finance minister said, a salaried employee in the new tax regime stands to save up to Rs 17,500. 

Statesman News Service | New Delhi | July 23, 2024 12:59 pm

Union Budget 2024: FM Nirmala Sitharaman revises tax slabs under new regime

representational image (iStock photo)

Union Budget 2024-25: Finance Minister Nirmala Sitharaman on Tuesday unveiled revised personal income tax rates under the new tax regime during her budget announcement.

The updated structure, effective immediately, offers tax exemption for incomes up to Rs 3 lakh, followed by a progressive scale ranging from 5% for incomes between Rs 3-7 lakh, 10% for Rs 7-10 lakh, 15% for Rs 10-12 lakh, 20% for Rs 12-15 lakh, and 30% for incomes exceeding Rs 15 lakh.
As a result of these changes, the finance minister said a salaried employee in the new tax regime stands to save up to Rs 17,500.

“Apart from these, I am also making some other changes. Revenue of about Rs 37,000 crore will be forgone while revenue of about Rs 30,000 crore will be additionally mobilised. Thus, the total revenue foregone is about Rs 7,000 crores annually,” she announced.

The revised tax slabs under the new regime aims to simplify tax calculations and provide much-needed relief to the middle class, reflecting the government’s commitment to progressive taxation policies.

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