Budget 2024: From Latest Tax Rates In New Tax Regime, Standard Deduction To TDS --New Rules Are Coming Into Effect From THESE Dates
Let's have a look at the various income tax adjustments announced by Finance Nirmala Sitharaman in her Budget 2024 speech and their effective dates.
Let's have a look at the various income tax adjustments announced by Finance Nirmala Sitharaman in her Budget 2024 speech and their effective dates.
Tax Rates, Standard Deduction, TDS And More: Check Effective Dates Of Implementation
Finance Minister Nirmala Sitharaman has suggested several changes to income tax in Budget 2024. These modifications will take effect on different dates. The changes suggested, however, will take effect after the Finance bill is approved by parliament. Let's examine the various income tax adjustments suggested to go into effect in Budget 2024.
Income Tax slabs for the assessment year 2024-25
Standard Deduction and deduction from family pension
An announcement to increase the standard deduction amount under the new tax regime and the standard deduction limit for family pensioners was made in the Budget 2024. Changes will become operative on April 1, 2025, following the parliament's passage of the Finance law. The rates will then be effective beginning with the assessment year 2025–2026.