Finance Minister Nirmala Sitharaman revised the tax rates under the new tax regime. Now certain taxpayers (earning between ₹6-7 lakh and 9-10 lakh) will be paying less income tax in FY 2024-25 than they were paying till date. She presented her seventh consecutive Union Budget 2024-25today (on July 23) during the Budget Session of Parliament. Notably, Sitharaman makes history as the first finance minister to present seven consecutive Budget speeches. She now surpasses former Prime Minister Morarji Desai's record of six consecutive budgets as finance minister between 1959-64.
Income (Rs) Tax
rate(%)
0-3 lakh: Nil
3-7 lakh: 5%
7-10 lakh: 10%
10-12 lakh: 15%
12-15: 20%
Above 15 lakh: 30
percent
These are the earlier rates in the new tax regime which
cease to operationalise with effect from April 1, 2024.
Up to ₹3 lakh
Nil
3,00,000 to 6,00,000
5%
6-9 lakh 15K + 10
percent above 6,00,000
9-12 lakh 45K + 15%
above 9,00,000
12-15 lakh 90K plus
20% above 12 lakh
15 lakh 1.5 lakh + 30
percent above 15 lakh
So, the new rates will impact the taxpayers falling in these
tax brackets:
Those earning
between ₹6-7 lakh: They will now pay 5% tax instead of 10%
earlier.
Those earning
between ₹9-10 lakh: They will pay 10% tax instead of 15% earlier.
Salaried taxpayers in the new tax
regime stand to save ₹17,500 in income tax, said FM Nirmala Sitharaman
during her Budget speech.
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