Union Budget 2024 : Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2024-25 in Parliament today. The major announcement announced in it was the announcement of new income tax rates.
As an important announcement, he said that the 2 types of taxation for trusts will continue as a single system and late payment of income tax will no longer be considered a criminal offence.
Also, it has been decided to take a loan of Rs.14 lakh crore to overcome the financial deficit in the current financial year. Subsequently, TDS for e-commerce has been reduced to 11%. Increase in Standard Deduction from Rs.50,000 to Rs.75,000 for 12.5% percent monthly wage earners. Also, they have announced some new rates of income tax.
Newly Revised Income Tax Rates:
- Annual Rs. No tax levied on salary earners up to 3 lakhs.
- Those earning between Rs 3 lakh and Rs 7 lakh per annum will be taxed at 5%.
- Those earning between Rs 7 lakh and Rs 10 lakh per annum will be taxed at 10%.
- Those earning annual income between Rs 10 lakh and Rs 12 lakh have to pay 15% tax.
- 20% tax is levied on those earning between Rs 12 lakh and Rs 15 lakh per annum.
- 30% tax is levied on those earning more than Rs.15 lakh per annum.
- Angel tax was imposed on unlisted companies, which has now been abolished.
