Budget 2024: The Revised Income Tax Slabs

[{"selector":"#anim-879f1428-e909-40b6-95d0-ef4b4d77ca79","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] By : 5paisa, 23 July 2024

Standard Deduction Limit Increased

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Corporate Tax Rate Reduction

[{"selector":"#anim-aefa4858-4480-4833-bfe6-db888cbd2b96 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-b14d2a1f-78b2-42d1-830b-04a004d12ba6","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-11c9acd4-ba95-445c-bbc2-31eb44585646","keyframes":{"opacity":[0,1]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-757f6d00-cdf9-41b6-af76-9342030ba9bb","keyframes":{"transform":["translate3d(0px, -445.60991%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b686089e-e151-4076-b546-d02d2f705549","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f31e76cc-fabe-4d3b-bb78-ab78501a83d6","keyframes":{"opacity":[0,1]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-94547558-91bc-4170-aca9-71ed72357fce","keyframes":{"transform":["translate3d(0px, -723.70359%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Budget 2024 includes a notable reduction in the corporate tax rate, decreasing it from 40% to 35%.

[{"selector":"#anim-302b790a-7085-4531-9d7d-e772273bd37f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-25%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-c496939e-3f83-42bf-82fa-acaa42b56bbf","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-70959f73-8277-4c10-933e-e51a5ab8d220","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-74039817-b550-4c0b-b6cb-e2b1e942cc3e","keyframes":{"opacity":[0,1]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-eb4d1d71-ab77-454e-a917-b7afc8b6245b","keyframes":{"transform":["translate3d(0px, -723.70359%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5a311e92-3971-4ad5-ad1d-aa1b24e2ebe5","keyframes":{"opacity":[0,1]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2dca7167-878a-4d67-a8eb-39cd34e6b00c","keyframes":{"transform":["translate3d(0px, -326.47872%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] New Income Tax Slabs Proposed Up to ₹3 L: Nil ₹3 L to ₹7 L: 5% ₹7 L to ₹10 L: 10% ₹10 L to ₹12 L: 15% ₹12 L to ₹15 L: 20% Above ₹15 L: 30%

Old Income Tax Regime Slabs

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[{"selector":"#anim-b1682c22-6a85-495a-b287-cb22496f4c94 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-24.99999874611268%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-a98dea78-a41c-4ce6-b237-2564b3756add","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1ff1c692-d4e1-47c2-8ae0-35afaac5439c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1503e210-c71e-42f6-b819-6871875b4452","keyframes":{"opacity":[0,1]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c685914d-1c73-4104-9cf3-45e23f365c9b","keyframes":{"transform":["translate3d(0px, -1417.4072%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-664eec56-61c6-411d-90e6-755d74103295","keyframes":{"opacity":[0,1]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cccdb653-b0ae-4613-ad31-5e08a96e7cb4","keyframes":{"transform":["translate3d(0px, -526.05354%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Old Income Tax Slabs Up to ₹2.5 L : Nil ₹2.5 L to ₹5 L: 5% ₹5 L to ₹10 L: 20% Above ₹10 L: 30%

[{"selector":"#anim-b5699b47-dd8c-41b1-8863-071eb48033da","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-83633f95-74db-41f2-9d95-81f60c7b5ae2","keyframes":{"transform":["translate3d(0px, 765.93807%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ccedcee5-f587-4c61-a90f-5d4fc3e65dc5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3501f32f-d2de-4689-9398-051933333d50","keyframes":{"transform":["translate3d(0px, -571.63723%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2c3ca260-2b01-4bb5-a120-b2911585c8d3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Open Free Demat Account in just 5 Minutes! Start Investing Today Open Demat Account

Capital Gains Taxation

[{"selector":"#anim-4c0018ac-3f54-447f-a0a4-6bd836c6265b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-a918206a-5c93-487a-b187-d6030593ea4a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f7dc01d0-d1f2-4610-b57c-7e3a2ab28397","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9cc6a8df-60b2-461d-b717-c82ee8265e2b","keyframes":{"opacity":[0,1]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8cf32afd-fd6a-42c9-97c9-5eeb2e12a713","keyframes":{"transform":["translate3d(0px, -1417.4072%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8ba1c3b6-df5b-48b6-ac0d-fb436ff54c30","keyframes":{"opacity":[0,1]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b92e4d4e-976c-49c7-a7e0-18fa84101ada","keyframes":{"transform":["translate3d(0px, -378.1631%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Short-term capital gains on certain assets will be subject to a 20% tax and the LTCG tax on specified assets will increase to 12.5%.

[{"selector":"#anim-2e1764ac-d8a7-4b96-a560-aeeac93977a9","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4baeb41a-3e4f-4b4c-9ac1-c19a37af9cd2","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4b51415c-c469-4774-ad8a-8bf15fd35ced","keyframes":{"transform":["translate3d(-119.72789%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-643a1858-6886-414a-a1e5-8ce08cad2722 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Read Next Union Budget 2024: 5 Key Education Sector Expectations More Web-Stories

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