As part of the Budget 2024 presentation, the Finance Minister announced revisions to the new tax regime.
Revised Tax Structure
- Income up to Rs 3 lakh: Nil
- Income from Rs 3 lakh to Rs 7 lakh: 5%
- Income from Rs 7 lakh to Rs 10 lakh: 10%
- Income from Rs 10 lakh to Rs 12 lakh: 15%
- Income from Rs 12 lakh to Rs 15 lakh: 20%
- Income above Rs 15 lakh: 30%
Conclusion
These changes aim to provide relief and simplify the tax structure for taxpayers.
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