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