Finance Priest Nirmala Sitharaman offered a gold mine for four crore salaried people and beneficiaries with the Financial plan declarations for 2024-25.
FM Sitharaman made two announcements regarding the Personal Income Tax Rates for those electing the new tax system.
First, it is proposed to raise the standard deduction for salaried workers from Rs 50,000 to Rs 75,000.
In a similar vein, it is proposed to increase the family pension deduction for pensioners from Rs 15,000 to Rs 25,000.
This will give help to around four crore salaried people and beneficiaries, the Money Clergyman said.
In the new tax regime, the tax rate structure is to be revised as follows;
* 0-3 lakh rupee – Zero
* 3-7 lakh – 5 per cent
* 7-10 lakh – 10 per cent
* 10-12 lakh – 15 per cent
* 12-15 lakh – 20 per cent
15 lakh and above – 30 per cent
The Finance Minister stated, “Salaried employees in the new tax regime will save up to Rs 17,500 in income tax.”
She expressed that according to information accessible till now for the last monetary, more than 66% have profited the new private personal assessment system.
