Income Tax Slabs Restructured in 2024 Budget
New Delhi: In a significant announcement, Finance Minister Nirmala Sitharaman unveiled major changes to the income tax slabs during the presentation of the Union Budget 2024.
Beginning this fiscal year, individuals earning up to Rs. 3,00,000 will be exempt from paying any income tax. This move is aimed at providing relief to low-income taxpayers and encouraging economic growth.
The revised income tax slabs are as follows:
* Income up to Rs. 3,00,000: No tax
* Income between Rs. 3,00,001 and Rs. 6,00,000: 5%
* Income between Rs. 6,00,001 and Rs. 9,00,000: 10%
* Income between Rs. 9,00,001 and Rs. 12,00,000: 15%
* Income above Rs. 12,00,000: 20%
“This restructuring of the income tax slabs will significantly reduce the tax burden on a large number of taxpayers, especially those from the lower income brackets,” stated Finance Minister Sitharaman in her budget speech.
The government also announced plans to introduce additional measures to simplify the tax filing process and reduce compliance costs for individuals. These measures are expected to be detailed in the coming weeks.
