Budget 2024 Income Tax: No relief to common people in income tax, central government did not change the income tax slab.

[ad_1]

Budget 2024 Income Tax:This is the last budget of the second term of Modi government. Lok Sabha elections are likely to be held in April-May. This pre-election budget is called Interim Budget. Traditionally, no special changes are made in this regarding tax. Earlier in the month of December, the Finance Ministry had also said that there is little possibility of major policy decisions and major announcements in the interim budget. In such a situation, Finance Minister Nirmala Sitharaman has not made any changes related to income tax in her interim budget language (Budget 2024 Speech). While addressing the House, he thanked the taxpayers of the country. He said that his taxes are being used properly. Tax cuts have been made by the government.

What did the Finance Minister say

In the budget session, the Finance Minister told the House that 78 lakh street vendors have benefited from PM-Swanidhi. Along with this, PM Vishwakarma Yojana has also benefited a large number of people. 25 crore people have been brought out of poverty in the country in 10 years. He said that the expenditure on infrastructure sector will increase by 11 percent to Rs 11.11 lakh crore, which is 3.4 percent of the country’s GDP. He said that there is a provision of interest-free loan of Rs 75,000 crore left for development in the states.

What was received in the last budget

In the last budget presented by the Central Government, tax payers were given the gift of a new tax regime. However, with this you could also file your income tax in the old tax regime. Earlier, income up to Rs 5 lakh was tax free, which was increased to Rs 7 lakh in the new tax regime. Along with this, standard deduction of Rs 50 thousand has also been given. The government had abolished tax exemption on long term capital gains of more than Rs 10 crore. Now 20 percent tax is levied on this. Exemption was also announced on payments received from Agniveer Corpus Fund. As a gift to senior citizens, the government has increased the limit of amount to be deposited under the Senior Citizens Savings Scheme from Rs 15 lakh to Rs 30 lakh. Also, to promote savings, the limit of Post Office Monthly Income Scheme was doubled from Rs 9 lakh to Rs 15 lakh. Mahila Samman Savings Certificate was also started.

new tax slab

• No tax on income up to Rs 3 lakh

• 5% tax on income up to Rs 3-6 lakh (tax exemption under section 87A)

• 10 percent tax on income of Rs 6-9 lakh

• 15 percent tax on income of Rs 9-12 lakh

• 20 percent tax on income of Rs 12-15 lakh

• 30 percent tax on income above Rs 15 lakh

Tax slab in old tax system

• Basic exemption Tax exemption on income up to Rs 2.5 lakh (standard deduction of Rs 50 thousand)

• 5 percent tax on income between Rs 2.5 to Rs 5 lakh

• 15 percent tax on income between Rs 5 lakh to Rs 7.5 lakh

• 20 percent tax on income of Rs 7.5 lakh to Rs 10 lakh

• 30 percent on income more than Rs 10 lakh

[ad_2]

Source link