Key Features of Indian Budget: July 2024 - Page 3

Originally posted by: S_H_Y

Laadli laadlo ko jo khilana hai

https://x.com/RoshanKrRaii/status/1815630057169195209?t=6msenyWhAZlKBLFyXLjj7Q&s=19

Ye toh bas jhanki hai,

Private sector reservation abhi baki hai

https://x.com/iArpitSpeaks/status/1815711840736788495

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https://x.com/sanitarypanels/status/1815705330434601364

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https://x.com/nakulvibhor/status/1815702083112177852

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https://x.com/RoshanKrRaii/status/1815651717255483593

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Changes in Personal Income Tax under new tax regime

• Standard deduction for salaried employees increased from ₹50,000 to ₹75,000.
• Deduction on family pension for pensioners enhanced from ₹15,000/- to ₹25,000/-
• Revised tax rate structure:

0-3 lakh rupeesNil
3-7 lakh rupees5 per cent
7-10 lakh rupees10 per cent
10-12 lakh rupees15 per cent
12-15 lakh rupees20 per cent
Above 15 lakh rupees30 per cent

• Salaried employee in the new tax regime stands to save up to ₹ 17,500/- in income tax.

Dil walon ke dil ka karar lootne

Main aayi hun UP bangaal lootne 🧜‍♀️ ( nimmo tayi)

Can I know what is the maximum yearly income till which people don't have to pay taxes according to the new budget?

Originally posted by: Sneha.Narayanan

Can I know what is the maximum yearly income till which people don't have to pay taxes according to the new budget?

3 lakhs is basic exemption limit.

Originally posted by: Sneha.Narayanan

Can I know what is the maximum yearly income till which people don't have to pay taxes according to the new budget?

3L

Technically you can push it to 7.75 if salaried (7+0.75 standard), but if you're earning more than 7L, then the rebate (which makes income till 7L tax free) doesn't apply and all income starting from 3L gets taxed.