Budget 2024: Here's how the new Tax slab is going to look like for the Indians

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Budget 2024: Here’s how the new Tax slab is going to look like for the Indians

All eyes are on Nirmala Sitharaman as she is anticipated to make new changes to the existing tax slabs in the income tax.

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July 23, 2024 12:29 IST
Budget 2024: Here’s how the new Tax slab is going to look like for the Indians
Budget 2024: Here’s how the new Tax slab is going to look like for the Indians

New Delhi: The Budget 2024 has been announced by the financial minister Nirmala Sitharaman. As usual, all eyes are on the tax reliefs in the income tax slabs. Income tax under the fiscal system of India operates on the system of tax slabs. The income is subsequently bifurcated under various tax slabs. Naturally, whenever there is an announcement of the union budget all eyes remain fixated on the proposed changes that take place in the tax slabs.

Budget 2024 Live!

Individuals are also hopeful that the 80c exemptions will take place which are pegged at rs 1.5 lakh for over a decade will see a major boost given that there is a huge rise in the income levels. Furthermore, there is a huge relief for all the people who are looking to file taxes with a much simplified system announced  in the latest Budget 2024.

Old Tax vs New Tax: A comparison

Although the final verdict of the income tax is yet to come, below is a probable change in the tax slab that can be announced on the same:

OLD TAX SLAB and % of tax NEW TAX SLAB and % of tax
Up to Rs 2.5 lakh: Exempted  Up to 2.5 lakh: Exempted
2.5 lakh-3 lakh: 5% 2.5 lakh-3 lakh: Exempted 
3 lakh-5 lakh: 5% 3 lakh-5 lakh: 5%
5 lakh-6 lakh: 20% 5 lakh-6 lakh: 5%
6 lakh-9 lakh: 20% 6 lakh-9 lakh: 10%
9 lakh-10 lakh: 20% 9 lakh-10 lakh: 15%
10 lakh- 12 lakh: 30% 10 lakh- 12 lakh: 15%
12 lakh-15 lakh: 30% 12 lakh-15 lakh: 20%
More than 15 Lakh: 30% More than 15 Lakh: 30%

Netizens react fast the Budget 2024 goes live!

Social media has been flooded with a flurry of reactions from netizens who have reacted to varying degrees as the news of the Budget 2024 starts trickling:

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