Finance Minister Nirmala Sitharaman, in her 2024 Union Budget announcement, introduced several changes aimed at providing tax relief to salaried individuals and pensioners. The standard deduction in the new tax regime will be increased from ₹50,000 to ₹75,000. Revisions to the tax slabs under the new regime are as follows:
- Income up to ₹3 lakh: Nil
- ₹3 lakh to ₹7 lakh: 5%
- ₹7 lakh to ₹10 lakh: 10%
- ₹10 lakh to ₹12 lakh: 15%
- ₹12 lakh to ₹15 lakh: 20%
- Above ₹15 lakh: 30%
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These changes enable salaried employees to save up to ₹17,500 in the new regime, the minister said. No changes were announced in the old tax regime.
The deduction on family pension for pensioners will be increased from ₹15,000 to ₹25,000. These modifications are expected to benefit around four crore salaried individuals and pensioners.
In terms of capital gains tax, short-term gains on certain financial assets will be taxed at 20%, while long-term gains on all financial and non-financial assets will attract a tax of 12.5%, increased from the earlier 10%. Securities transaction tax for futures and options up to 0.02% and 0.1%, respectively.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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