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New Budget Reveals 10 Essential Taxpayer Benefits You Should Know

Finance Minister Nirmala Sitharaman announced significant tax relief, including revised tax slabs, increased deductions, and decriminalization of TDS delays. Over two-thirds opted for the new income tax regime, benefiting 4 crore individuals. Comprehensive reviews and reductions in various levies and taxes were also highlighted in her speech.

Finance Minister Nirmala Sitharaman's Budget brings significant relief
Finance Minister Nirmala Sitharaman announced significant relief for new income tax regime subscribers. During her Budget speech, she also mentioned a comprehensive review of the Income Tax Act by the government. Here are 10 key points from Nirmala Sitharaman's tax announcements: 1. The government will introduce standard operating procedures for TDS defaults and simplify the compounding of such offences. 2. A comprehensive review of the customs duty structure will be conducted over the next 6 months. The TDS rate on e-commerce will be reduced to 0.1%. Two tax exemption regimes for charities will merge into one, and TDS delays will be decriminalized up to the tax filing date. 3. Over two-thirds of individuals have opted for the new income tax regime. 4. The standard deduction for those in the new regime will increase from ₹50,000 to ₹75,000. 5. Revised tax slabs under the new regime:
  • ₹0-₹3 lakh: Nil
  • ₹3-7 lakh: 5%
  • ₹7-10 lakh: 10%
  • ₹10-12 lakh: 15%
  • ₹12-15 lakh: 20%
  • Above ₹15 lakh: 30%
Also Read:Budget 2024 Introduces Employment Incentives For Employees And Employers 6. Salaried employees under the new regime will save up to ₹17,500 annually due to proposed changes. 7. The deduction on family pension for pensioners will be enhanced from ₹15,000 to ₹25,000, benefiting 4 crore salaried individuals and pensioners. 8. The deduction limit for the employer's contribution to NPS will increase from 10% to 14%, and the 2% equalisation levy will be withdrawn. 9. The monetary limit for filing tax appeals will be increased to ₹60 lakhs for ITAT, ₹2 crore for high courts, and ₹5 crore for the Supreme Court. 10. The Angel tax will be abolished, and the corporate tax rate on foreign companies will be reduced from 40% to 35%. Also Read:Nirmala Sitharaman Allocates Rs.15,000 Crore For Andhra Pradesh’s New Capital


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