Budget 2024, presented by Finance Minister Nirmala Sitharaman, brought good news for salaried individuals and job seekers in India.
The standard deduction for salaried individuals under the new tax regime has been increased by 50%, from ₹50,000 to ₹75,000. This will put more money in your pocket.
The government announced revised income tax slabs under the new tax regime. This translates to tax savings of up to ₹17,500 for salaried individuals.
The new income tax slabs announced in Budget 2024 are as follows:
- Up to ₹3 lakh: 0%
- ₹3 to ₹7 lakh: 5%
- ₹7 lakh to ₹10 lakh: 10%
- ₹10 lakh to ₹12 lakh: 15%
- ₹12 lakh to ₹15 lakh: 20%
- Above ₹15 lakh: 30%
To ensure greater financial security for pensioners, the government increased the deduction on family pensions from ₹15,000 to ₹25,000 under the new tax regime. This will benefit around 4 crore pensioners.
The government will directly transfer a one-month wage benefit, capped at ₹15,000, to the provident fund accounts of all new formal sector employees in three installments. Additionally, they will introduce incentives to encourage employers to hire new staff.
The government is launching a comprehensive internship program that will place 1 crore young people in India’s top 500 companies over the next five years. Interns will be provided with a monthly allowance of ₹5,000 and a one-time assistance of ₹6,000.
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