BIG BREAKING NEWS 🚨: New Income Tax Slabs Unveiled in Budget 2024 Speech by FM Nirmala Sitharaman

In a significant announcement today, Finance Minister Nirmala Sitharaman has introduced a revamped income tax structure aimed at providing relief and simplification for taxpayers across the country.

Here’s a breakdown of the new tax rate structure:

• Income up to ₹3 lakhs: No Tax
• Income from ₹3 lakhs to ₹7 lakhs: 5%
• Income from ₹7 lakhs to ₹10 lakhs: 10%
• Income from ₹10 lakhs to ₹12 lakhs: 15%
• Income from ₹12 lakhs to ₹15 lakhs: 20%
• Income above ₹15 lakhs: 30%

This revised tax regime is designed to reduce the burden on low- and middle-income earners and ensure that high-income earners make appropriate contributions.

Apart from the new tax, FM Seetharaman also announced an increase in the standard deduction to ₹75,000. For salaried individuals, this means they can save up to ₹17,500, providing additional relief in the face of financial uncertainty.

Expert Comments ⚡:

Financial experts and analysts are weighing in on this development, with many applauding the move as a step towards progressive taxation and easing the tax compliance process. The zero-tax slab up to ₹3 lakhs is seen as particularly beneficial for individuals at the lower end of the income spectrum, potentially boosting disposable incomes and consumption.

However, some analysts caution that the effectiveness of these changes will depend on how effectively they are implemented and communicated to taxpayers. They also highlight the need for continued efforts towards tax transparency and efficiency in the broader tax administration framework.

Overall, the new income tax slabs and increased standard deduction are poised to have a significant impact on individual taxpayers, with reactions ranging from relief to cautious optimism about the broader economic implications.

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Stay tuned for more updates..