Budget: Income tax sops for salaried individuals

New Delhi: Finance Minister Nirmala Sitharaman offered a bonanza for four crore salaried individuals and pensioners with the Budget announcements for 2024–25.

On personal income tax rates, FM Sitharaman announced 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, the deduction on family pensions for pensioners is proposed to be enhanced from Rs 15,000 to Rs 25,000. This will provide relief to about four crore salaried individuals and pensioners, the Finance Minister said.

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

n 0-3 lakh rupee - Zero

n 3-7 lakh - 5 percent

n 7-10 lakh - 10 percent

n 10-12 lakh - 15 percent

n 12-15 lakh - 20 percent

    15 lakh and above - 30 percent

“Salaried employees in the new tax regime will save up to Rs 17,500 in income tax,” the Finance Minister said.

She said that, as per the data available till now for the last fiscal year, more than two-thirds have benefited from the new personal income tax regime. (IANS)

Also Read: Budget: Finance Minister Nirmala Sitharaman unveils road map for ‘Viksit Bharat’ (sentinelassam.com)

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