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5 OTHER TAX UPDATES

5.2 Indian Union Budget 2024: Detailed Tax Updates

The Union Budget 2024 presented on July 23, 2024, brought several changes and reforms aimed at simplifying the
tax system, providing relief to taxpayers, and fostering economic growth. Below are the detailed updates, including
tables and a comprehensive overview of capital gains taxation.

Personal Income Tax:

1. Standard Deduction Increase:
o The standard deduction for salaried employees has been increased from ₹50,000 to ₹75,000.
2. Revised Tax Slabs:
o The new tax regime has revised tax slabs, providing relief to middle-income groups.
3. Old vs. New regime tax rates (Income tax slabs FY. 2023-24 and AY. 2024-25)

Tax Slabs for FY 2023-24 Tax Rate Tax Slabs for FY 2024-25 Tax Rate

Upto Rs. 3 lakh Nil Upto Rs. 3 lakh Nil

Rs. 3 lakh – Rs. 6 lakh 5% Rs. 3 lakh – Rs. 7 lakh 5%

Rs. 6 lakh – Rs. 9 lakh 10% Rs. 7 lakh – Rs. 10 lakh 10%

Rs. 9 lakh – Rs. 12 lakh 15% Rs. 10 lakh – Rs. 12 lakh 15%

Rs. 12 lakh – Rs. 15 lakh 20% Rs. 12 lakh – Rs. 15 lakh 20%

More than Rs. 15 lakh 30% More than Rs. 15 lakh 30%

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UA E TAX UPD ATE NEWSLET TER ISSUE 04 - July 2024