Budget 2024: New Income Tax Slabs & Rate Cuts Will Benefit the Middle Class?| Explained
Video Credit: Oneindia - Duration: 05:45s - Published
Budget 2024: New Income Tax Slabs & Rate Cuts Will Benefit the Middle Class?| Explained
Finance Minister Nirmala Sitharaman revised tax slabs in the new regime, expanding the first taxable bracket from ₹3-6 lakh to ₹3-7 lakh, while maintaining the 5% tax rate.
Standard deductions were increased, but details weren't provided.
No changes were made for incomes below ₹3 lakh, the ₹12-15 lakh slab, or incomes above ₹15 lakh.
These adjustments aim to benefit the middle class by potentially reducing their tax burden.
However, the full impact depends on individual financial situations and requires further analysis.
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