Updates on the Budget: The New Income Tax Slabs for 2024–25 Stay the Same
Stay tuned for live updates on the Budget 2024-25 Income Tax Slabs, detailing the Modi government's economic agenda and future plans.
Share on:
New Delhi: The Interim Budget 2023 will be presented in Parliament by Finance Minister Nirmala Sitharaman on Thursday, February 1. Her statement on possible relief for the salaried class will be the center of attention.
Although FM might not say much because this is an interim budget, it is expected that her remarks will mix initiatives targeted at the economy, women, and farmers.
This budget, the sixth straight one from FM Sitharaman, is expected to showcase the government's aspirations for the country's future together with the economic achievements of the last decade under the Modi government.
During the most recent Budget (Budget 2023), FM Sitharaman made a noteworthy declaration regarding individual taxpayers. Regarding personal income tax, FM has raised the income tax bracket for taxpayers. The FM said that individual taxpayers will not be needed to pay any taxes between Rs 0 and Rs 3 lakhs, 5% between Rs 3 and Rs 6 lakhs, 10% between Rs 6 and Rs 9 lakhs, 15% between Rs 9 and Rs 12 lakhs, 20% between Rs 12 and Rs 15 lakhs, and 30% above Rs 15 lakhs under the new tax rates.
2020 saw the introduction of a new personal income tax system by me, with six income brackets beginning at Rs 2.5 lakh. "I suggest altering the current tax structure by lowering the number of tax slabs to five and raising the tax exemption threshold to Rs three lakhs," FM continued.
"Under the current tax regime, individuals earning up to Rs 5 lakhs are exempt from income tax. In the proposed tax regime, I suggested raising the rebate threshold to Rs 7 lakhs," FM Sitharaman stated during her Budget speech.
There was pressure on her to implement populist measures following her recent, clear victories in three states, but it is expected that she will stick to her fiscal conservatism and sprinkling sops on other economic engines like agriculture that would boost spending and create jobs.
With populist objectives and economic caution on the back burner, FM Sitharaman has a challenging task ahead of him. Will she give sops to industries like agriculture and regular taxpayers?
