Union Budget 2024-25: Relief to taxpayers; Standard Deduction for salaried employees increased from 50 thousand rupees to 75 rupees

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Site Admin | July 23, 2024 1:45 PM

Union Budget 2024-25: Relief to taxpayers; Standard Deduction for salaried employees increased from 50 thousand rupees to 75 rupees

On the Personal Income Tax front, two announcements were made by the Finance Minister.

In the New Tax Regime, the standard deduction of salaried employees to be increased from 50 thousand rupees to 75 thousand rupees. New Tax Regime slab for taxpayers will be 0-3 lakh – Nil, 3-7 Lakh – 5 percent, 7-10- 10 percent, 10-12- 15 percent, 12-15- 20 percent and above 15- 30 percent.