Budget 2024: The Revised Income Tax Slabs

The Standard Deduction limit has been raised from ₹50,000 to ₹75,000

Standard Deduction Limit Increased

Budget 2024 includes a notable reduction in the corporate tax rate, decreasing it from 40% to 35%.

Corporate Tax Rate Reduction

Up to 3 L: Nil ₹ 3 L to ₹7 L: 5%  ₹ 7 L to ₹10 L: 10% ₹ 10 L to ₹ 12 L: 15% ₹ 12 L to ₹ 15 L: 20% Above ₹ 15 L: 30%

New Income Tax Slabs Proposed

The old tax regime remains unchanged for individuals below 60 years and NRIs

Old Income Tax Regime Slabs

Short-term capital gains on certain assets will be subject to a 20% tax and the LTCG tax on specified assets will increase to 12.5%.

Capital Gains Taxation

Up to 2.5 L: Nil ₹ 2.5 L to ₹5 L: 5% ₹5 L to ₹10 L: 20% Above ₹10 L: 30%

Old Income Tax Slabs