- Several income tax reforms have been introduced by the government in the Union Budget 2024-25.
- Its main objective is to simplify income tax laws and promote compliance and support economic growth.
- Earlier, taxable income between Rs 3-6 lakh was taxed at an income tax rate of 5%.
- This slab has been changed to Rs 3-7 lakh in this budget.
- The tax slab for 10% tax rate has been changed from Rs 6-9 lakh to Rs 7-10 lakh.
- The tax slab for 15% rate has also been changed from Rs 9-12 lakh to Rs 10-12 lakh.
- The tax rate for income between Rs 12-15 lakh will remain at 20%, and income above Rs 15 lakh will be taxed at 30%.
- The standard deduction has been increased from Rs 50,000 to Rs 75,000.
Tags:
Economics
