Income Tax Slabs 2024-25 Budget 2024 Live Updates: New income tax regime tweaks, standard deduction hike and income tax relief on the cards?
Income Tax Budget 2024 Live: What should the right new tax regime slabs, rates be?
Expectations are high that more changes may be brought in the new income tax regime – possibly raising the basic exemption limit, hiking standard deduction, or/and rationalising the income tax slabs and tax rates further. Tax experts are divided on the ideal tax income tax slabs and income tax rates under the new tax regime. However, most agree that the 30% tax slab above an income of Rs 15 lakh is still steep and needs to be implemented at incomes of at least above Rs 20 lakh. Surabhi Marwah, Tax Partner, EY India is of the view that the basic exemption should be raised to Rs 5 lakh. She also advocates reducing the income tax rates in order to provide more disposable income in the hands of taxpayers.
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