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Budget 2024: Govt to make new tax regime more lucrative
The Morning Standard
|July 22, 2024
The government may introduce one potential change by introducing a new tax slab for incomes between ₹15 lakh and ₹18 lakh, with a proposed tax rate of 25%
THE government is likely to make the new tax regime more lucrative by extending the exemption slab from ₹3 lakh to ₹4 lakh, sources told TNIE.In addition to this, current standard deduction of ₹50,000 may be increased to ₹75,000.
"The government may move towards a 'Single Hybrid Tax Regime' as the new taxpayers are already in the new tax regime. It is expected that the exemption slab in the new regime may be extended from the present ₹3 lakh to ₹4 lakh at least," a top source said.
"Standard deduction for salaried taxpayers may be increased. Standard deduction was introduced in 2019 and now it is expected that it should increase to at least ₹75000," he added. Established taxpayers with incomes exceeding ₹15 lakh continue to favour the old tax regime.
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