Budget 2024 key takeaways: Revised income tax slabs, special projects for Bihar, Andhra Pradesh

Union Finance Minister Nirmala Sitharaman on Tuesday presented the Budget for the financial year 2024-’25.

The Bharatiya Janata Party leader revealed the Budget for the third term of the National Democratic Alliance government in Parliament.

Here are the key announcements from Sitharaman’s interim Budget:

• The Centre revised slabs for the new income tax regime. In the new tax regime, no tax will be levied on annual income up to Rs 3 lakh. The tax for income from Rs 3 lakh to Rs 7 lakh is 5%, from Rs 7 to 10 lakh is 10% and from Rs 10 to 12 lakh is 15%. Income between Rs 12 and 15 lakh will be taxed at 20%, while that over Rs 15 lakh will be taxed at 30%. Sitharaman also announced that the standard deduction limit for salaried individuals under the new tax regime would be increased to Rs 75,000 from Rs 50,000. The deduction for family pension for pensioners was hiked to Rs 25,000 from Rs 15,000. She claimed that as a result of the changes, a salaried employee would be able to save up to Rs 17,500 in income taxes.
• The Centre announced financial support and several infrastructure projects for Andhra Pradesh and Bihar. The BJP formed the government at the Centre...

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