Budget 2024 Income Tax Slabs: No Relief For Taxpayers, Says FM Sitharaman

In her presentation of the Interim Budget 2024 on February 1, 2024, Finance Minister Nirmala Sitharaman made a notable decision to maintain unchanged tax slab rates for both the new and old income tax regimes.

New Regime Tax Slabs:

• No tax on income up to Rs 3 lakh.
• Income between Rs 3-6 lakh taxed at 5% (tax rebate under Section 87A available).
• Income between Rs 6-9 lakh taxed at 10% (tax rebate under Section 87A on income up to Rs 7 lakh available).
• Income between Rs 9-12 lakh taxed at 15%.
• Income between Rs 12-15 lakh taxed at 20%.
• Income of Rs 15 lakh and above taxed at 30%.

Notably, these tax rates apply uniformly across all categories of individuals, including Individuals, Senior citizens, and Super senior citizens.

Old Regime Tax Slabs:

• Income up to Rs 2.5 lakh is exempt from taxation.
• Income between Rs 2.5 to Rs 5 lakh is taxed at 5%.
• Personal income from Rs 5 lakh to Rs 10 lakh is taxed at a rate of 20%.
• Personal income above Rs 10 lakh is taxed at a rate of 30%.
• In the old tax regime, the income tax exemption limit is up to Rs 3 lakh for senior citizens aged above 60 years but less than 80 years, and up to Rs 5 lakh for super senior citizens aged above 80 years.

The full budget, expected in July, will be presented by the incoming government, whether re-elected or new, bringing further insights into fiscal policies and potential changes for taxpayers.