FM Sitharaman Rewards New Income Tax Slab Regime, Increases Standard Deduction to Rs 75,000; Taxpayers To Save Rs 17,500
"I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months," Nirmala Sitharaman said.
Union Budget 2024: Finance Minister Nirmala Sitharaman at the wonderful time as providing Union Budget 2024 launched a overview of Profits Tax. “I announce a full overview of the Profits Tax Act 1961. This should curb disputes and litigation. It is able to well be miles proposed to be accomplished in 6 months,” Nirmala Sitharaman talked about.
The finance minister has also launched a prevalent deduction to amplify to Rs seventy five,000 from Rs 50,000
Budget 2024: Profits Tax slabs below new profits tax regime
Profits Tax slabs for FY 2024-25 for the organization new profits tax regime were revised. The new profits tax regime tax slabs are:
- Up to Rs three lakh the tax is NIL
- From Rs three lakh to Rs 7 lakh the tax can money is 5%
- From Rs 7 lakh to Rs 10 lakh the tax can money is 10%
- From Rs 10 lakh to Rs 12 lakh the tax can money is 15%
- From Rs 12 lakh to Rs 15 lakh the tax can money is 20%
- Above Rs 15 lakh profits the tax can money is 30%
Salaried personnel below new tax regime to purchase up to Rs 17,five hundred every year in taxes resulting from modifications proposed in Budget FY25, launched Finance Minister Nirmala Sitharaman on Tuesday.
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