Tax Exemption - Latest News Update, Information, Photos & Videos on Tax Exemption at Lokmat Times

Union Finance Minister Nirmala Sitharaman announced a revision in the tax rate structure on Tuesday, July 23. Sitharaman stated the news rates during his Union Budget 2024 speech. The new tax slabs and relief measures are set to benefit millions of salaried individuals and pensioners across the country.Rs 0- Rs 3 lakh will not pay taxes.Rs 3 lakh- Rs7 lakh: 5%. Rs 7 lakh- Rs 10 lakh: 10%. Rs 10 lakh-Rs 12 lakh: 15%.Also Read | Budget 2024: FM Nirmala Sitharaman Announces Loans Up to Rs 10 Lakh for Higher Education in Domestic Institution.Previous Income Tax Rate0 - 3 Lakh: Nil3 - 6 Lakh: 5%6-9 Lakh: 10%9 - 12 Lakh: 15%12 - 15 Lakh: 20%Above 15 Lakh: 30%These revised slabs are designed to provide substantial relief to taxpayers by reducing the overall tax burden, particularly for those in the lower and middle-income brackets.Salaried employees can now save up to Rs 17,500 under the new tax regime after to the revised slabs and relief measures. The standard deduction for salaried employees has been increased from Rs 50,000 to Rs 75,000. This increase is aimed at further reducing taxable income and providing additional financial relief. The deduction on family pension for pensioners has been raised from Rs 15,000 to Rs 25,000, enhancing financial support for those reliant on pension income.

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