Regarding Budget, the only thing the salaried working professionals look forward to is the income tax rebate. Finance Minister Nirmala Sitharaman, on 1 Feb 2024, while presenting the Interim Budget, kept the income tax slab rates unchanged for both new and old income tax regimes—however, some relief for professionals eligible for presumptive taxation. Let’s look at the budget 2024 highlights.
Table of Contents
Here are the Interim Budget 2024-25 Key Highlights – Personal Finance
- There is no change in the Income tax rate for the old and new regime
- 🔹No tax up to Rs. 7 lakhs income for the new tax regime
- 🔹No change in the standard deduction
- The threshold for professionals eligible for presumptive taxation was increased from Rs 50 lakh to Rs. 75 lakhs.
Interim Budget 2024 Highlights: Income Tax Slab Rate for FY 2024-25/AY 2025-26
Conclusion
Don’t get disheartened with no change in the income tax slab. You still have room for improvement. Read the article on tax planning for salaried employees to find the unexplored area to cover and stick to your financial plan, and if you still have not worked on it, then take the help of professionals and get your financial planning done.
