{"id":2021,"date":"2024-08-21T13:57:56","date_gmt":"2024-08-21T08:27:56","guid":{"rendered":"https:\/\/www.sgcms.com\/regulatory-updates\/?p=2021"},"modified":"2024-09-03T15:54:40","modified_gmt":"2024-09-03T10:24:40","slug":"budget-2024-income-tax","status":"publish","type":"post","link":"https:\/\/www.sgcms.com\/regulatory-updates\/budget-2024-income-tax\/","title":{"rendered":"Budget 2024: Income Tax"},"content":{"rendered":"<p><strong>Revised tax rate under New Tax Regime:<\/strong><\/p>\n<table style=\"height: 348px;\" width=\"398\">\n<tbody>\n<tr>\n<td width=\"200\"><strong>\u20b90-3 lakh<\/strong><\/td>\n<td width=\"104\"><strong>Nil<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"200\"><strong>\u20b93-7 lakh<\/strong><\/td>\n<td width=\"104\"><strong>5%<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"200\"><strong>\u20b97-10 lakh<\/strong><\/td>\n<td width=\"104\"><strong>10%<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"200\"><strong>\u20b910-12 lakh<\/strong><\/td>\n<td width=\"104\"><strong>15%<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"200\"><strong>\u20b912-15 lakh<\/strong><\/td>\n<td width=\"104\"><strong>20%<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"200\"><strong>Above\u00a0\u20b915 lakh<\/strong><\/td>\n<td width=\"104\"><strong>30%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li>Income tax saving of up to <strong>\u20b917,500\/-<\/strong> for salaried employee in new tax regime.<\/li>\n<li><strong>Standard deduction<\/strong> for salaried employees to be increased from \u20b950,000\/- to <strong>\u20b975,000\/-<\/strong> in the new tax regime.<\/li>\n<li>Deduction on <strong>family pension<\/strong> for pensioners to be increased from \u20b915,000\/- to <strong>\u20b925,000\/-<\/strong> in the new tax regime.<\/li>\n<li><strong>NPS Contribution:<\/strong> Increase in the limit on the amount of deduction allowed to an employer for contribution to employee\u2019s NPS from 10% to <strong>14%<\/strong> of the employee salary.<\/li>\n<li>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.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Revised tax rate under New Tax Regime: \u20b90-3 lakh Nil \u20b93-7 lakh 5% \u20b97-10 lakh 10% \u20b910-12 lakh 15% \u20b912-15 lakh 20% Above\u00a0\u20b915 lakh 30% Income tax saving of up to \u20b917,500\/- for salaried employee in new tax regime. Standard deduction for salaried employees to be increased from \u20b950,000\/- to \u20b975,000\/- in the new tax&hellip; <a class=\"more-link\" href=\"https:\/\/www.sgcms.com\/regulatory-updates\/budget-2024-income-tax\/\">Continue reading <span class=\"screen-reader-text\">Budget 2024: Income Tax<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60],"tags":[55],"class_list":["post-2021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax","tag-income-tax","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Budget 2024: Income Tax - Regulatory Updates by SGCMS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sgcms.com\/regulatory-updates\/budget-2024-income-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget 2024: Income Tax - Regulatory Updates by SGCMS\" \/>\n<meta property=\"og:description\" content=\"Revised tax rate under New Tax Regime: \u20b90-3 lakh Nil \u20b93-7 lakh 5% \u20b97-10 lakh 10% \u20b910-12 lakh 15% \u20b912-15 lakh 20% Above\u00a0\u20b915 lakh 30% Income tax saving of up to \u20b917,500\/- for salaried employee in new tax regime. 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