New Tax Regime: Latest Income Tax Slab FY 2024–25
In Budget 2024, Nirmala Sitharaman announced the following tax slabs under the new tax regime:
Tax Slab
|
Rates
|
Up to Rs. 3,00,000
|
NIL
|
Rs. 300,001 to Rs. 7,00,000
|
5% (Tax Rebate u/s 87A)
|
Rs. 7,00,001 to Rs. 10,00,000
|
10% (Tax Rebate u/s 87A up to Rs 7 lakh)
|
Rs. 10,00,001 to Rs. 12,00,000
|
15%
|
Rs. 12,00,001 to Rs. 15,00,000
|
20%
|
Above Rs. 15,00,000
|
30%
|
The standard deduction limit has been raised to Rs. 75,000 in Budget 2024 for salaried employees, and for family pensioners, the limit has been hiked to 25,000. This announcement is expected to bring tax relief for four crore salaried employees and pensioners.