Budget 2024: How to calculate income tax based on the new tax regime?

Budget 2024: Salaried taxpayers stand to gain up to 17,500 on income above 15 lakh. This saving is accumulation of saving across income slabs and additional standard deduction, thus adding to total savings.

MintGenie Team, Written By Vimal Chander Joshi
Published23 Jul 2024, 02:35 PM IST
Budget 2024: Finance Minister Nirmala Sitharaman also simplified the capital gains taxation by introducing flat rate of 20 percent on short term capital gain
Budget 2024: Finance Minister Nirmala Sitharaman also simplified the capital gains taxation by introducing flat rate of 20 percent on short term capital gain

Union Finance and Corporate Affairs minister Nirmala Sitharaman announced the Budget 2024 on Tuesday where not only she revised the income tax rates in the new tax regime (NTR) but also raised the standard deduction at the same time to 75,000 from current 50,000.

These are the revised tax rates in the New Tax Regime

0-3 lakhNil
3-7 lakh5%
7-10 lakh10%
10-12 lakh15%
12-1520%
Above 15 lakh: 30 percent

Overall, salaried taxpayers stand to gain up to 17,500 on income above 15 lakh. This saving is accumulation of savings across income slabs and additional standard deduction, thus adding to total savings. 

Also Read | Income Tax Budget 2024 LIVE: New tax slabs, standard deduction, other details

“Further, I propose to increase monetary limits for filing appeals related to direct taxes, excise and service tax in the Tax Tribunals, High Courts and Supreme Court to 60 lakh, 2 crore and 5 crore respectively,” she said.

Simplified capital gains

FM also simplified the capital gains taxation by introducing a flat rate of 20 percent on short term capital gain while on all other financial assets and non-financial assets continuing to attract the applicable tax rate.

Also Read | Budget 2024 Political Reactions Live: ’Budget will give power to…’, says PM

“Long term gains on all financial and non-financial assets, on the other hand, will attract a tax rate of 12.5 per cent. For the benefit of the lower and middle-income classes, I propose to increase the limit of exemption of capital gains on certain financial assets to 1.25 lakh per year,” she said.

If you want to calculate your income tax, check the calculator here. 

Catch all the Budget News , Business News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:23 Jul 2024, 02:35 PM IST
Business NewsBudgetBudget 2024: How to calculate income tax based on the new tax regime?

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Power Grid Corporation Of India share price

    335.10
    03:29 PM | 22 NOV 2024
    9.3 (2.85%)

    Adani Power share price

    460.75
    03:59 PM | 22 NOV 2024
    -15.4 (-3.23%)

    Tata Steel share price

    142.80
    03:59 PM | 22 NOV 2024
    2.55 (1.82%)

    Adani Ports & Special Economic Zone share price

    1,137.50
    03:49 PM | 22 NOV 2024
    22.8 (2.05%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Adani Green Energy share price

    1,052.40
    03:55 PM | 22 NOV 2024
    -94 (-8.2%)

    Adani Energy Solutions share price

    649.40
    03:58 PM | 22 NOV 2024
    -48.3 (-6.92%)

    Honasa Consumer share price

    224.30
    03:48 PM | 22 NOV 2024
    -13.1 (-5.52%)

    Network 18 Media & Investments share price

    79.63
    03:45 PM | 22 NOV 2024
    -4.53 (-5.38%)
    More from Top Losers

    Fine Organic Industries share price

    5,106.00
    03:29 PM | 22 NOV 2024
    414.9 (8.84%)

    Mangalore Refinery & Petrochemicals share price

    157.55
    03:43 PM | 22 NOV 2024
    12.5 (8.62%)

    Easy Trip Planners share price

    32.01
    03:58 PM | 22 NOV 2024
    2.53 (8.58%)

    Sun Pharma Advanced Research Com share price

    204.40
    03:42 PM | 22 NOV 2024
    14 (7.35%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      79,655.00810.00
      Chennai
      79,661.00810.00
      Delhi
      79,813.00810.00
      Kolkata
      79,665.00810.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.92/L0.00
      Chennai
      101.03/L0.00
      Kolkata
      104.95/L0.00
      New Delhi
      94.77/L0.00

      Popular in Budget

        HomeMarketsPremiumInstant LoanMint Shorts