Nirmala Sitharaman Announces Review Of Income Tax, Standard Deduction Increased To Rs 75,000

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“I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months,” Nirmala Sitharaman said.

Read More: ITR Filing 2024: Which Income Tax Regime Is Better For NRIs? Check Expert Inputs Here

Union Budget 2024: Finance Minister Nirmala Sitharaman while presenting Union Budget 2024 announced a review of Income Tax. “I announce a comprehensive review of the Income Tax Act 1961. This will reduce disputes and litigation. It is proposed to be completed in 6 months,” Nirmala Sitharaman said.

The finance minister has also announced a standard deduction to increase to Rs 75,000 from Rs 50,000

Also Read– Tax Slabs In Budget 2024: Tax Up To Rs 10,000 When India Got Independence, Check History Of Income Tax Slabs

Budget 2024 Updates: In new tax regime, tax rate structure to be revised

0-3L: Zero

3-7L; 5%

7-10L: 10%

10-12L: 15%

12-15L: 20%

15 & above: 30%

Also Read- Union Budget 2024: Will Modi govt expand tax benefits under Section 80EEA to give a boost to affordable housing?

Salaried employee in new tax regime will save up to Rs 17,500 in income tax

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