Budget 2024: What the Revised New Tax Regime Slabs Mean For Taxpayers | Firstpost Unpacked

The Indian government has unveiled the Budget for the financial year 202425, featuring significant announcements by Finance Minister Nirmala Sitharaman. Among the most anticipated changes were those related to income tax. Indian taxpayers hoped for a reduced tax burden, and the budget did deliver some relief, albeit only for the new tax regime. The old tax regime remains unchanged, continuing to offer various exemptions and deductions. In contrast, the new regime now provides a higher standard deduction and revised tax slabs. Sitharaman in her Budget speech said that the latest changes in the new tax regime will help save taxpayers up to Rs 17,500 annually. Here’s a breakdown of these changes and how they might affect you.



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