Budget 2024 Income Tax
Budget 2024: No Changes in Income Tax Slabs; Relief for Taxpayers Continues
New Delhi, February 1, 2024
In a much-anticipated announcement, Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2024-25. One of the key highlights is the continuity in the existing income tax slabs and rates, providing a sense of relief for taxpayers across the country.
Contrary to speculations and expectations, FM Sitharaman declared no changes in the income tax slabs for both the old and new regimes. The income tax rates for the financial year 2024-25 will remain consistent with the previous year unless any amendments are introduced in the full-year Budget scheduled for July.
Income Tax Slabs for 2024-25
| Income Range | Old Regime (%) | New Regime (%) |
|---|---|---|
| Up to 250,000 | 0.00 | 0.00 |
| 250,000 – 300,000 | 5.20 | 0.00 |
| 300,000 – 500,000 | 5.20 | 5.20 |
| 500,000 – 600,000 | 10.40 | 5.20 |
| 600,000 – 750,000 | 10.40 | 10.40 |
| 750,000 – 900,000 | 15.60 | 10.40 |
| 900,000 – 1,000,000 | 15.60 | 15.60 |
| 1,000,000 – 1,200,000 | 20.80 | 15.60 |
| 1,200,000 – 1,250,000 | 20.80 | 20.80 |
| 1,250,000 – 1,500,000 | 26.00 | 20.80 |
| 1,500,000 – 5,000,000 | 31.20 | 31.20 |
| 5,000,000 – 10,000,000 | 34.32 | 34.32 |
| 10,000,000 – 20,000,000 | 35.88 | 35.88 |
| 20,000,000 – 50,000,000 | 39.00 | 39.00 |
| Above 50,000,000 | 42.74 | 39.00 |
The Finance Minister emphasized the government’s commitment to providing stability and continuity in tax policies, aiming to ease the financial burden on individuals and boost economic growth. Taxpayers can now plan their financial strategies for the upcoming fiscal year with the assurance that no unexpected changes in income tax slabs will disrupt their financial planning.
While this budget announcement brings a sigh of relief for taxpayers, industry experts and citizens alike will be closely watching for further developments in the full-year Budget scheduled for July, where additional fiscal measures and policy changes may be unveiled, Budget 2024 Income Tax.
