UNION BUDGET 2024
EIGHT KEY POINTS ON TAX REFORMS
Published By Moushumi Mahanta | 23 Jul, 2024
Standard Deduction Increase
For the new tax regime, the standard deduction is raised from
₹
50,000 to
₹
75,000.
Credit : PEXELS
Family Pension Deduction
The deduction for family pensioners under the new tax regime is increased from
₹
15,000 to
₹
25,000.
Credit : PEXELS
Old Tax Regime Deduction
The standard deduction remains unchanged at
₹
50,000 for those opting for the old tax regime.
Credit : PEXELS
Tax Savings
Individuals opting for the new tax regime could save up to
₹
17,500.
Credit : PEXELS
Income Tax Act Overhaul
Plans for a comprehensive review of the Income Tax Act of 1961 to enhance readability and reduce litigation.
Credit : PEXELS
Tax System Streamlining
The Finance Minister reaffirmed efforts to simplify tax regulations and structures for individual taxpayers.
Credit : PEXELS
New Tax Regime Popularity
Over two-thirds of personal taxpayers chose the new tax regime in FY 2023-24.
Credit : PIXABAY
Future Tax Reforms
The government is committed to continuous improvements in the tax system to support taxpayers and reduce complexity.
Credit : PIXABAY
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