Budget 2024: Zero Tax Up To Rs 3 Lakh Income, Check Personal Tax Rates In New Regime For Different Salary Slabs Here

Finance Minister Nirmala Sitharaman made two announcements for personal income tax for those opting for the new tax regime in her Budget speech on Tuesday (23 July).

"First, the standard deduction for salaried employees is proposed to be increased from Rs 50,000 to Rs 75,000. Similarly, deduction on family pension for pensioners is proposed to be enhanced from 15,000 to Rs 25,000," she said.

This will provide relief to 4 crore salaried individuals and pensioners, the Finance Minister added.

"Second, in the new tax regime, the tax rate structure is proposed to be revised as follows: On income up to Rs 3 lakh, nil tax. Rs 3 to 7 lakh income: 5 per cent tax. Rs 7 to 10 lakh income: 10 per cent tax," she said.

This means that the lowest tax slab is increased from 2.5 lakh to 3 lakh.

"Rs 10 to 12 lakh income: 15 per cent tax. Rs 12 to 15 lakh: 20 per cent tax. Above Rs 15 lakh: 30 per cent tax," she said adding that a salaried employee in the new tax regime will save Rs 17,500 in income tax.