India’s Union Finance Minister Nirmala Sitharaman announced significant changes to the income tax slabs under the New Tax Regime in the Union Budget 2024, offering potential savings for salaried taxpayers. The revised slabs eliminate tax liability for income up to Rs 3 lakh, introduce a 5% tax rate for income up to Rs 7 lakh, and adjust the 10% tax bracket to cover income up to Rs 10 lakh. Additionally, the standard deduction limit has been increased from Rs 50,000 to Rs 75,000, further benefiting taxpayers. These changes could result in annual savings of up to Rs 17,500 for individuals in the 30% tax bracket.
