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Budget 2024: Key Income Tax Changes Simplified

10 Jan, 2024

Finance Minister Nirmala Sitharaman's Budget 2024 brought significant income tax reforms. The rebate limit in the new tax regime increased to ₹7 lakh, offering relief to taxpayers.

Income tax slabs were revamped to five, raising the exemption limit to ₹3 lakh. Standard deduction benefits extended to salaried and pensioner individuals. The highest surcharge rate reduced from 37% to 25% for incomes above ₹2 crore.

Tax exemption on leave encashment for non-government employees raised to ₹25 lakh. The new tax regime is now the default, with the option to choose the old regime.

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