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- Published: July 23, 2024 12:29
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:
Madhyapradesh people watching Bihar getting 26,000 crore. #Budget2024 pic.twitter.com/ahx4lWucW4
— Prayag (@theprayagtiwari) July 23, 2024
Their only qualification is that they can speak English. #Budget2024 pic.twitter.com/JLP2d0evqa
— Roshan Rai (@RoshanKrRaii) July 23, 2024
Nirmala Tai delivering #Budget2024
Me to my CA friends : pic.twitter.com/f6rcJmasWr
— SwatKat💃 (@swatic12) July 23, 2024
Students watching #Budget2024 pic.twitter.com/F3YJvoeee8
— Rajabets 🇮🇳👑 (@smileagainraja) July 23, 2024