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Union Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2024 on Thursday, 1 February, announced that there would be "no changes" in the income tax rates.
Sitharaman also remarked that keeping in mind that certain tax benefits to start-ups and investments made by sovereign wealth or pension funds, as also tax exemption on certain income of some IFSC units, are expiring on 31 March 2024, she has proposed an extension of the date to 31 March 2025.
Moreover, talking about direct taxes, she added:
Some of the major changes that were introduced during Budget 2023 included the increase of threshold limit for total income eligible for rebate under Section 87A from Rs 5,00,000 to Rs 7,00,000 for assesses opting for the new tax regime.
The new tax regime was widened with six tax slab rates ranging from 0% to 30%.
Income between ₹3-6 lakh would be taxed at 5% (tax rebate under Section 87A is available)
Income between ₹6-9 lakh would be taxed at 10% (tax rebate under Section 87A on income up to ₹7 lakh was made available)
Income between ₹9-12 lakh at 15%
Income between ₹12-15 lakh at 20%
Income of ₹15 lakh and above will be taxed at 30%
Surcharge rate reduced on income over Rs 5 crores from 37% to 25%
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Published: 01 Feb 2024,12:48 PM IST