In the Union Budget 2024, Finance Minister Nirmala Sitharaman has unveiled a revised tax rate structure under the new tax regime. The updated rates are as follows:
– Income up to ₹3 lakh: 0% tax
– Income between ₹3 lakh and ₹7 lakh: 5%
– Income between ₹7 lakh and ₹10 lakh: 10%
– Income between ₹10 lakh and ₹12 lakh: 15%
– Income between ₹12 lakh and ₹15 lakh: 20%
– Income above ₹15 lakh: 30%
Salaried employees under the new tax regime could save up to ₹17,500 in income tax, reflecting a significant relief for taxpayers.
Union Finance Minister Nirmala Sitharaman says “Monetary limit for filing Tax appeals increased to Rs 60 lacs for ITAT, Rs 2 crores for High Courts and Rs 5 crores for Supreme Court…I propose to abolish the Angel tax abolished for all classes of investors. Corporate tax rate to be reduced on foreign companies from 40 to 35 per cent…”
