The Union Budget for 2024 has introduced several notable changes to personal income tax rates, reflecting the government’s efforts to make the tax system more equitable and supportive of individual taxpayers. These changes aim to provide relief to taxpayers, stimulate economic activity, and simplify the tax structure. This article explores the key updates to personal income tax rates and their implications for taxpayers.

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Key Changes in Personal Income Tax Rates

1. Revised Tax Slabs: One of the most significant updates is the revision of income tax slabs. The government has adjusted the thresholds and rates to offer greater tax relief, especially to middle and lower-income groups. Here are the new tax slabs for individuals:

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2. Enhanced Standard Deduction: The Budget has increased the standard deduction limit from ₹50,000 to ₹75,000.This adjustment is aimed at providing additional relief to salaried and pensioned individuals by reducing their taxable income and, consequently, their tax liability.

3.Deduction on Family Pension: The deduction from family pension is proposed to be increased from ₹ 15,000 to ₹ 25,000.

Taxpayers should stay informed about these changes to optimize their tax planning and ensure they benefit from the new provisions.

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