Budget 2024: Income Tax
August 21, 2024
158
Revised tax rate under New Tax Regime:
| ₹0-3 lakh | Nil |
| ₹3-7 lakh | 5% |
| ₹7-10 lakh | 10% |
| ₹10-12 lakh | 15% |
| ₹12-15 lakh | 20% |
| Above ₹15 lakh | 30% |
- Income tax saving of up to ₹17,500/- for salaried employee in new tax regime.
- Standard deduction for salaried employees to be increased from ₹50,000/- to ₹75,000/- in the new tax regime.
- Deduction on family pension for pensioners to be increased from ₹15,000/- to ₹25,000/- in the new tax regime.
- NPS Contribution: Increase in the limit on the amount of deduction allowed to an employer for contribution to employee’s NPS from 10% to 14% of the employee salary.
- It is proposed to allow credit of all tax deducted or collected while computing the amount of tax to be deducted on salary income under Section 192. The amendment will come into effect from 1st October 2024.
