Given below are the Budget 2024 Income Tax Highlights from the budget speech as presented by Nirmala Sitaraman ji on 23rd July 2024.
1. No changes in slab rates under old tax scheme
2. Changes in New tax scheme
a. Proposed Slab rates
| Total Income (in Rs.) | Tax Rate |
| 0 – 3 Lakh | Nil |
| 3 – 7 Lakh | 5% |
| 7 – 10 Lakh | 10% |
| 10 – 12 Lakh | 15% |
| 12 – 15 Lakh | 20% |
| > 15 Lakh | 30% |
b. Standard deduction for Salaried and Pensioners proposed at Rs. 75,000 from existing Rs. 50,000
c. Standard deduction for Family Pension proposed at Rs. 25,000 from existing Rs. 15,000
3. Capital gain exemption on certain financial assets is proposed at Rs. 1.25 LakhÂ
4. LTCG Tax rate of 12.5% is proposed for all financial and non-financial assets
5. Deduction for NPS of a non-govt employee proposed at 14% of salary instead of 10%.
6. Most of TDS rates are proposed to be revised from 5% to 2%.
7. Credit of TDS and TCS is proposed against TDS on salary income.
8. A comprehensive review of Income Tax Act 1961 to make the understanding of the provisions more easy.