Finance Minister Nirmala Sitharaman announced changes in income tax slabs under the new tax regime in the Union Budget 2024, which was presented on July 23. The rate of taxation remains unchanged. However, the size of each of the slabs, excluding the initial zero rate for income up to ₹3 lakh, has been tweaked. The…
The Government of India levies income tax at slab rates ranging between 0 and 30 per cent with a surcharge (up to 25 per cent) in addition to levying a 4 per cent health and education cess. Effectively, the maximum rate of income tax on the highest income bracket stands at 39 per cent now….
Your income from letting out of a house or part of your house will henceforth not be charged under the head ‘profits and gains of business or profession’. Instead, it will be chargeable only under the head ‘income from house property’. The government announced this change in tax regulation in the Union Budget 2024. It…
Union Finance Minister Nirmala Sitharaman has changed income tax slabs for salaried individuals and standard deduction limits. The changes in the personal tax slabs and standard deduction will help individuals to save ₹17,500 according to the finance minister. Here’s how much income tax you will have to pay if you earn ₹10 lakh. For an…
In Budget 2024, Union Finance and Corporate Affairs Minister Nirmala Sitharaman revised income tax slabs under the New Tax Regime, offering considerable savings in the hands of salaried taxpayers. After the revision of income tax slabs, there is no tax liability for income up to ₹3 lakh. However, as the changes announced in Budget 2024…
In the Union Budget 2024 presented by Finance Minister Nirmala Sitharaman on Tuesday, lower tax rates have been introduced under the new tax regime (NTR), indicating that the old tax regime will be eased out gradually. With the latest changes, the salaried taxpayers stand to save a maximum of ₹17,500. The new tax regime, anyway,…
The union government in Budget 2024 has proposed key changes in the income tax regime. Finance Nirmala Sitharaman has announced changes in income tax slabs for the salaried individuals. The rates, however remain the same. The slab of ₹3 lakh to ₹6 lakh has been expanded to ₹3 lakh to ₹7 lakh . The rate…
Finance Minister Nirmala Sitharaman has raised taxes on capital gains from equity investments. As per the Budget 2024 announcements, the government plans to levy a 20% tax on financial assets held for less than 12 months, up from 15%. It also increased the tax on long-term capital gains to 12.5% from 10% on all financial…
Budget 2024: With an aim to recognise first-time employees, Union Finance Minister Nirmala Sitharaman on Tuesday announced three employment-linked incentive schemes for employers and employees based on enrolment in the Employees’ Provident Fund Organisation (EPFO). These three schemes, including Scheme A (one month’s salary for freshers), Scheme B (job creation in manufacturing), and Scheme C…
New income tax vs. old income tax slabs: Finance Minister Nirmala Sitharaman presented the Narendra Modi 3.0 government’s first budget on July 23. In sops for the middle class, FM hiked the standard deduction by 50 per cent to ₹75,000 and tweaked tax slabs under the new income tax regime to provide more money for…
