Budget 2024, How much tax will people with how much income have to pay
Finance Minister Nirmala Sitharaman presented the Union Budget 2024 on Tuesday (July 23). In the interim budget this year, the Finance Minister had decided to withdraw the direct tax demands (demand notices) pending for years. However, the Finance Minister did not make any changes in the tax slabs. What big announcements did the Finance Minister make regarding taxpayers in this budget. Let's know.
The full Union Budget for the financial year 2024-25 was presented in the Lok Sabha on Tuesday. Finance Minister Nirmala Sitharaman presented the 11th full budget of the government. Finance Minister Nirmala Sitharaman did not make any major changes related to taxation during her interim budget speech, but this time she has made some important announcements. The Finance Minister has said that about four crore people will get tax related benefits. This time in her budget speech, the Finance Minister said that the government will continue its efforts to simplify taxes, improve taxpayer services, provide tax certainty and reduce litigation.
Announcement of change in tax slabs under the new tax system
This time the Finance Minister has made a provision of 5% tax on three to seven lakh rupees in the new tax system. The Finance Minister said in the budget speech that taxpayers will not have to pay any tax on income up to three lakh rupees. A provision of 10% tax has been made for those with income between seven to ten lakh rupees. According to the Finance Minister, four crore people will get benefit of up to Rs 17,500 in the new tax system due to the new announcements. The Finance Minister has increased the deduction on family pension for pensioners from Rs 15000 to Rs 25000. The senior citizens of the country will benefit from this decision of the government.
How much tax will people with how much income have to pay
- Upto Rs 3,00,000 : Nil
- Rs 3,00,001 to 7,00,000: 5%
- Rs 7,00,001 to 10,00,000: 10%
- Rs 10,00,001 to 12,00,000: 15%
- Rs 12,00,001 to 15,00,000: 20%
- Rs 15,00,000: 30% (in new tax system)
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