New Delhi: Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-2025 on July 23, 2024, at 11 am in the Parliament. She has earlier on February 1 presented the Interim Budget due to the 2024 Lok Sabha elections . This will be the first Budget by the BJP-led NDA government since it was re-elected last month. President Droupadi Murmu has officially approved the budget session to begin on July 22 and continue until August 12.
This year, Finance Minister Nirmala Sitharaman will become the first finance minister in India’s history to deliver seven consecutive budgets. She will surpass the record previously held by Morarji Desai, who presented six consecutive budgets between 1959 and 1963.
In the Union Budget 2024-25, Finance Minister Nirmala Sitharaman unveiled new income tax slabs under the revised tax regime. The Standard Deduction limit has been increased from Rs 50,000 to Rs 75,000. The Budget 2024 includes a significant reduction in the corporate tax rate, decreasing it from 40% to 35%.
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In India, income tax is levied based on a slab system, assigning different tax rates to various income ranges. As an individual’s income increases, so does the tax rate.
New Income Tax Slabs
The new income tax slabs proposed in Budget 2024 are as follows:
Up to Rs 3,00,000: Nil
Rs 3,00,001 to Rs 7,00,000: 5%
Rs 7,00,001 to Rs 10,00,000: 10%
Rs 10,00,001 to Rs 12,00,000: 15%
Rs 12,00,001 to Rs 15,00,000: 20%
Above Rs 15,00,000: 30%
Previous Income Tax Slabs Under the New Regime
Before Budget 2024, the income tax slabs under the new regime were:
Up to Rs 3,00,000: Nil
Rs 3,00,001 to Rs 6,00,000: 5%
Rs 6,00,001 to Rs 9,00,000: 10%
Rs 9,00,001 to Rs 12,00,000: 15%
Rs 12,00,001 to Rs 15,00,000: 20%
Above Rs 15,00,000: 30%
Old Income Tax Regime Slabs
The old tax regime remains unchanged for individuals below 60 years and NRIs:
Up to Rs 2,50,000: Nil
Rs 2,50,001 to Rs 5,00,000: 5%
Rs 5,00,001 to Rs 10,00,000: 20%
Above Rs 10,00,001: 30%
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