Budget 2024: No changes in income tax, no tax liability for income up to Rs…

Finance Minister Nirmala Sitharaman has presented the pre-election Interim Budget 2024 in the parliament. As she listed out the achievements of the Modi government in the past 10 years, FM Sitharaman made some key announcements while presenting the Budget 2024 in the new parliament. While there are a range of announcements that have an impact on the life of a common man, the key attraction for most is the announcement related to income tax. While presenting the Union Budget 2023, Finance Minister Nirmala Sitharaman announced that the new Tax regime was made the default regime and the old tax regime was available as an option to taxpayers.

Apart from this, income tax slabs under the new tax regime were also rejigged. Individuals with up to Rs 7 lakh annual income were given tax exemptions in Union Budget 2023. Apart from this, the standard deduction of Rs 50000 was also extended to the new tax regime in Union Budget 2023. Following the inclusion, the tax-free income, including the rebate, stood at Rs 7.5 lakh.

While announcing the Interim Budget 2024, Finance Minister Nirmala Sitharaman announced that there have been no changes in the income tax rates and citizens can enjoy tax-free income up to Rs 7 lakh.