Is the old tax regime over? What FM Sitharaman said about old & new regime

Quick Summary:

Union Budget 2024-25: Govt to review old tax regime.

Individuals would pay Rs 1,40,000 + 30 per cent of the amount exceeding Rs 15,00,000, compared to Rs 1,50,000 plus 30 per cent under the current regime (pre-April 2024).

For instance, an individual earning Rs 12,00,000 would pay Rs 80,000 under the proposed regime, compared to Rs 90,000 under the current regime (pre-April 2024).

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Article Details

Category: BusinessFinance

Markets: India

Topics: Indian tax system Standard deduction increase Tax relief India FY25 tax proposals Income tax slabs Union Budget 2024-25 Old tax regime Finance Minister Nirmala Sitharaman New tax regime

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-23 @ 19:12:43 (11 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 616 words

Reading Time: 4 minutes read

Sentences: 36 lines

Sentence Length: 18 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 21752053

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