Budget 2024- FM announces big relief for the income tax payers

The Finance Minister has announced to provide big relief to lakhs of taxpayers of the country. The minister has announced relief to income tax payers by making changes in the income tax slab. In the budget speech, the FM said that the standard deduction in the new tax regime will be increased from Rs 50 thousand to Rs 75 thousand. Along with this, changes have be made in the tax structure.

In the new tax regime up to Rs 3 lakh, no tax will be levied now. Whereas 5% tax will have to be paid from Rs 3 lakh to Rs 7 lakh. Income of 7 to 10 lakhs will have to be taxed at the rate of 10 percent. At the same time, income of 10 to 12 lakhs will have to be taxed at the rate of 15 percent. At the same time, income of 12 to 15 lakhs will be taxed at the rate of 20 percent. Income above 1.5 million will have to be taxed at the rate of 30 per cent.