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What is the New Budget for 2024?
This is the Interim budget 2024 which is presented by Finance Minister Nirmala Sitharaman. Nirmala Sitharaman presented her 7th budget in parliament.
In the budget 2024, which came just after the election results, the government has also paid the price for the ‘support’ of the allies. Special packages were given to the Bihar government and the Andhra Pradesh government.
At the same time, new employment opportunities have been opened to address the discontent among the youth who expressed their dissatisfaction in the Lok Sabha elections.
However, by increasing the capital gains tax on stock market investors, the burden on the middle class, already suffering from inflation, has been increased further.
In the new tax system, a slight relief has been provided by increasing the standard deduction from ₹50,000 to ₹75,000. Additionally, changes have been made to the income tax slab.
Finance Minister Nirmala Sitharaman made this announcement while presenting the budget for 2024-25 in the Lok Sabha.
The Same Old Tax System
Those with a salary of less than Rs 10 lakh who have taken a home loan and are also saving benefit from the old system. Meanwhile, those with a salary above Rs 12 lakh benefit from the new system.
New Income Tax Regime Slabs Budget 2024 Before
| S. No | Income Slabs | Taxes |
| 1. | 0 – 3 Lakhs | None |
| 2. | 3 – 6 Lakhs | 5 % |
| 3. | 6 – 9 Lakhs | 10% |
| 4. | 9 – 12 Lakhs | 15% |
| 5. | 12 – 15 Lakhs | 20% |
| 6. | 15 More than Lakhs | 30% |
New Income Tax Regime Slabs Budget 2024 After
| S. No | Income Slabs | Taxes |
| 1. | 0 – 3 Lakhs | None |
| 2. | 3 – 7 Lakhs | 5 % |
| 3. | 7 – 10 Lakhs | 10% |
| 4. | 10 – 12 Lakhs | 15% |
| 5. | 12 – 15 Lakhs | 20% |
| 6. | 15 More than Lakhs | 30% |
According to the new slab, the taxable amount has been reduced by Rs 25,000. Now, those earning Rs 15 lakh will benefit by Rs 15,600, and those earning Rs 25 lakh will benefit by Rs 18,200.
Benefits for Those Earning 15 Lakhs
| S. No | Benefits | Before | Now |
| 1. | Standard Deduction | Rs. 50, 000/- | Rs. 75, 000/- |
| 2. | NPS (National Pension Scheme) | Rs. 50,000/- | Rs. 50,000/- |
| Total Discount | Rs. 1,00,000/- | Rs. 1,25,000/- | |
| 1. | Tax income | Rs. 14,00,000/- | Rs. 13,75,000/- |
| 2. | Tax | Rs. 1,30,000/- | Rs. 1,15,000/- |
| 3. | Rate @ 4% | Rs. 5,200/- | Rs. 4,600/- |
| Total Discount | Rs. 1,35,000/- | Rs. 1,19,000/- |
Benefits for Those Earning 25 Lakhs
| S. No | Benefits | Before | Now |
| 1. | Standard Deduction | Rs. 50, 000/- | Rs. 75, 000/- |
| 2. | NPS (National Pension Scheme) | Rs. 50,000/- | Rs. 50,000/- |
| Total Discount | Rs. 1,00,000/- | Rs. 1,25,000/- | |
| 1. | Tax income | Rs. 24,00,000/- | Rs. 23,75,000/- |
| 2. | Tax | Rs. 4,20,000/- | Rs. 4,02,500/- |
| 3. | Rate @ 4% | Rs. 16,800/- | Rs. 16,100/- |
| Total Discount | Rs. 4,36,800/- | Rs. 4,18,600/- |