Income tax slab rates 2024-25: FM revises tax structure under New tax regime

Presenting the union budget for 2024-25, Finance Minister Nirmala Sitharaman announced changes to the new income tax regime.

These changes included new income tax slabs for FY 2024-25 and a hike in the standard deduction.

The standard deduction was hiked from Rs 50,000 to Rs 75,000.

On personal income tax rates in new tax regime, FM Sitharaman said, “Under new tax regime, tax rate structure to be revised as follows – Rs 0-Rs 3 lakh -Nil; Rs 3-7 lakh -5% ; Rs 7-10 lakh-10% ; Rs 10-12 lakh-15%; 12-15 lakh- 20% and above Rs 15 lakh-30%.”

For those opting for the new tax regime, the standard deduction for salaried employees to be increased from Rs 50,000 to Rs 75,000, she said.