Page 20 - NIS English Aug 1-15, 2024

Budget

2024-2025

Tax reforms New tax slabs in the new tax regime

Total income Tax rate
Relief in the new
Up to Rs. 3,00,000 NIL
tax system, angel
Rs. 3,00,001 to Rs. 7,00,000 5%
tax abolished
Rs. 7,00,001 to Rs. 10,00,000 10%
Tax reforms have been introduced in
the budget keeping in mind investment Rs. 10,00,001 to Rs. 12,00,000 15%
incentives, employment, and social
security as well as the middle class. Rs. 12,00,001 to Rs. 15,00,000 20%
With this purpose, the Income Tax Act,
1961 will be reviewed within 6 months Above Rs. 15,00,000 30%
to make it concise, lucid, and easy
to read which will reduce disputes Along with
and litigation, and taxpayers will get Standard deduction
made Rs.
certainty in tax. The tax system has 04
been simplified for tax-related provisions 75,000
of charitable institutions, the TDS rate
system, provisions for reopening, re- crores of
determination and search, and capital earlier it was Rs. 50 salaried and
gains taxation. At the same time, the thousand. pensioners, the
angel tax has been abolished for all middle class will
classes of investors to empower the Family pension get a big benefit
new tax regime, the standard deduction 25,000 than two-thirds
Indian start-up ecosystem, promoting the deduction made Rs. from the new
spirit of entrepreneurship and supporting tax regime. More
innovation. Changes in the slabs of the
of the taxpayers

increased from Rs 50 thousand to Rs 75 earlier it was Rs. 15,000. have adopted
the new income
thousand, and the deduction on family tax regime.
pension for pensioners increased from
Rs 15 thousand to Rs 25 thousand.
Earlier, 5% tax was to be paid on Rs 3
lakh to Rs 6 lakh, now if you earn Rs 1
lakh more i.e. up to Rs 7 lakh, then also
5% tax will have to be paid. Similarly, if a
person earns Rs 9 to 10 lakh, then he will
have to pay 10% tax on it, whereas earlier
he had to pay 15% tax on this one lakh.
With such amendments made in the new
tax regime, salaried people will save Rs
17,500 in income tax...

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