Budget 2024 Tax Slab. Accordingly, it is expected that the union budget 2024 may propose to eliminate the current highest income tax slab of 42.7% in the old tax regime and restrict it to 39%. In the upcoming union budget 2024, the taxpayers are demanding reforms in tax slabs and rates applicable to individual taxpayers.
Income from rs 2.5 lakh to rs 5 lakh is taxed at 5%, income from rs 5 lakh to rs 10 lakh at 20%, and any income exceeding rs 10 lakh. The income tax slab changes announced in budget 2023 are effective for the financial year between april 1, 2023, to march 31, 2024, and are set to remain unchanged for fy.
Union Finance Minister Nirmala Sitharaman, While Presenting The Interim Budget On Thursday, Said That There Would Be No Changes To.
2) income between โน 2.5 to โน 5 lakh is taxed at the rate of 5 per cent under the old tax regime.
Key Recommendations Include Revamping Tax Slabs, Adjusting.
This was an interim budget as it came just ahead of the lok sabha.
Budget 2024 Tax Slab Images References :
An Individual Has To Choose Between New And Old Tax.
However, being a transitional budget till the new government.
From Income Tax Slab Changes, New Income Tax Regime Tweaks To An Increase In Standard Deduction And Section 80C Limits, Salaried Taxpayers Are Looking At Budget 2024 To.