Changes In New Tax Regime Announced : Union Budget 2024

Tax Relief and Revised Tax Slabs in New Tax Regime :

• Income Tax saving of up to Rs. 17500 for salaried employee in new Tax Regime.
• Income Tax Relief for around 4 crore salaried individuals and pensioners.
• Standard deduction for salaried employees to be increased from Rs. 50,000 to Rs. 75,000.

On 23rd July Union Finance Minister presents the new Union Budget 2024 :

“Personal income tax, coming to personal income tax rates I have two announcements to make for those opting for the new Tax Regime. First, the standard deduction for salaried employees is proposed to be increased from Rs. 50,000 to Rs. 75,000. Similarly, deduction on family pension for pensioners is proposed to be enhanced from Rs. 15,000 to Rs. 25,000. This will provide relief to above 4 crores salaried individuals and pensioners.” – Finance Minister

Second, in the new Tax Regime, the tax rates structure is proposed to be revised as follows :

New Tax Regime

In the new tax regime, the tax rate structure is proposed to be revised, as follows:

▪️ 0-3 lakh rupees - Nil
▪️ 3-7 lakh rupees - 5 percent
▪️ 7-10 lakh rupees - 10 percent
▪️ 10-12 lakh rupees - 15 percent
▪️12-15 lakh rupees - 20 percent
▪️ Above 15 lakh… pic.twitter.com/h14v3RThkn

— PIB India (@PIB_India) July 23, 2024

Also :

1. NVVN signed MoUs with two Corporation to process 2700 Tons of  MSW per day
2. UCO Bank and PNB presented dividend cheque to Hon’ble Union Finance Minister