Quick Summary
GOVERNMENT MAKES NEW TAX REGIME MORE ATTRACTIVE
STANDARD REDUCTION INCREASED FROM ₹ 50,000 TO ₹ 75,000
SALARIED EMPLOYEE STANDS TO SAVE UP TO ₹ 17,500
Several attractive benefits to provide tax relief to salaried individuals and pensioners opting for the new tax regime were announced by the Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman while presenting the Union Budget 2024-25 in the Parliament today.
Finance Minister proposed to increase the standard deduction for salaried employees from ₹50,000 to ₹75,000. Also, deduction on family pension for pensioners is proposed to be enhanced from ₹15,000 to ₹25,000 under the new tax regime. This will provide relief to about four crore salaried individuals and pensioners.
Smt. Sitharaman proposed to revise the tax rate structure in the new tax regime, as follows:
FAQ :
The standard deduction for salaried employees has been increased from £50,000 to £75,000 under the new tax regime.
Salaried employees stand to save up to £17,500 with the increased standard deduction.
The deduction on family pension for pensioners has been enhanced from £15,000 to £25,000 under the new tax regime.
These changes are expected to provide relief to about four crore salaried individuals and pensioners who opt for the new tax regime.
These increased deductions and benefits apply specifically to the new tax regime.
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