The much-awaited Interim Budget for 2024 is just around the corner, with Finance Minister Nirmala Sitharaman set to present it on February 1, 2024. Taxpayers across the country are eagerly anticipating this event, hoping for some much-needed relief in terms of income tax (New Income Tax Slabs). The burning question on everyone’s mind is: What will the new income tax slabs for the financial year 2024-25 look like?
Last year’s Budget brought significant changes to the income tax slabs, introducing a new tax regime that aimed to simplify the previously complex tax structure. This move was hailed as a step towards reducing the burden on taxpayers and making tax calculations easier.
Now, with the Budget announcement drawing closer, taxpayers are filled with anticipation, wondering if there will be any further alterations to the existing income tax slabs. The eagerness is palpable as people eagerly await the Finance Minister’s announcements and hope for positive changes that will have a direct impact on their pockets.
Also Read: Budget 2024 Expectations and Key Highlights
The expectation from the new income tax slabs is twofold – increased tax savings and a simplified tax structure. Taxpayers are hopeful that the government will introduce new slabs that offer more relief, especially for the middle-income bracket. Additionally, they are eager to see if there will be any changes in the tax rates for higher income brackets.
As the wait finally comes to an end on February 1, all eyes will be on Finance Minister Nirmala Sitharaman as she unveils the new income tax slabs for the upcoming financial year. The anticipation is high, and taxpayers across the nation are hoping for a brighter tax future with reduced tax liability and a more streamlined system.
Old vs New Income Tax Slabs Table
In order to understand the potential impact of the new income tax slabs, a comparison between the old and new regimes is provided in the accompanying table. This table outlines the tax rates and slabs for different income brackets, highlighting the potential changes that may occur.
| Income Tax Slabs | Old Regime | New Regime |
|---|---|---|
| Up to Rs. 2.5 lakh | No tax | No tax |
| Rs. 2.5 lakh – Rs. 5 lakh | 5% | 5% |
| Rs. 5 lakh – Rs. 7.5 lakh | 20% | 10% |
| Rs. 7.5 lakh – Rs. 10 lakh | 20% | 15% |
| Rs. 10 lakh – Rs. 12.5 lakh | 30% | 20% |
| Rs. 12.5 lakh – Rs. 15 lakh | 30% | 25% |
| Above Rs. 15 lakh | 30% | 30% |
With the Budget announcement just days away, taxpayers eagerly await the implementation of the new income tax slabs, hoping for a system that is fair, equitable, and provides meaningful relief to individuals and families across the country. Will the Budget deliver on their expectations? Only time will tell, and on February 1, the nation will finally receive the answers it has been waiting for.
Last Updated on 9 months
