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On Tuesday, Finance Minister Nirmala Sitharaman raised the standard deduction for salaried individuals from ₹50,000 to ₹75,000.

The latest Union Budget 2024 has brought about substantial changes in the taxation of capital gains and the rationalization of TDS rates. Finance Minister Nirmala Sitharaman has raised the standard deduction for salaried individuals from ₹50,000 to ₹75,000 and the family pension deduction for pensioners from ₹15,000 to ₹25,000.

These changes will benefit around four crore salaried individuals and pensioners, allowing them to save up to ₹ 18,200 annually.

 

Tax savings for each income group:

Income: ₹10 lakh

Existing tax regime: Tax = ₹54,600

New tax regime: Tax = ₹44,200

Savings: ₹10,400

Income: ₹15 lakh

Existing tax regime: Tax = ₹1,45,600

New tax regime: Tax = ₹1,30,000

Savings: ₹15,600

Income: ₹20 lakh

Existing tax regime: Tax = ₹2,96,400

New tax regime: Tax = ₹2,78,200

Savings: ₹18,200

Income: ₹25 lakh

Existing tax regime: Tax = ₹4,52,400

New tax regime: Tax = ₹4,34,200

Savings: ₹18,200

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Proposed tax slabs 2024

• Up to ₹ 3 lakh: Nil
• ₹ 3 lakh to ₹ 7 lakh: 5%
• ₹ 7 lakh to ₹ 10 lakh: 10%
• ₹ 10 lakh to ₹ 12 lakh: 15%
• ₹ 12 lakh to ₹ 15 lakh: 20%
• Above ₹ 15 lakh: 30%

• The proposed tax structure expands the income brackets, offering relief to taxpayers. Notably, the 5% bracket now extends to ₹ 7 lakh, as opposed to the current ₹ 6 lakh. Similarly, the 10% bracket is increased to ₹ 10 lakh from the present ₹ 9 lakh. Additionally, the finance minister announced a "comprehensive review" of the Income Tax Act of 1961 in her budget speech. The goal of this review is to minimize disputes and litigation, with a completion target set for six months.