Budget Update: These 3 tax rules have changed in Budget 2024, will taxpayers get relief this time?

Budget 2025 Expectations: Union Finance Minister Nirmala Sitharaman will present the general budget on February 1. Its countdown has started. This will be her eighth budget. Like common people, the eyes of taxpayers are also fixed on this budget. Taxpayers hope that this time the Finance Minister will reduce the tax burden on them by changing the tax slab.

The government made many changes in the income tax rules in Budget 2024. Let us know about the important changes made in the tax rules last year-

Changes in rates of new tax slab

In the last budget, a 5 percent tax was imposed on Rs 3-7 lakh, 10 percent on Rs 7-10 lakh, 15 percent on Rs 10-12 lakh, 20 percent on Rs 12-15 lakh, and 30 percent on income above Rs 15 lakh.

Increase in the limit of the standard deduction.

In last year's budget, the government had increased the standard deduction to Rs 75 thousand in the new tax regime. Due to this, salaried taxpayers with an annual income of up to Rs 7.75 lakh are no longer required to pay tax.

Change in capital gains tax rate

In the last budget, the rate of short-term capital gains tax (STCG) was increased from 15 percent to 20 percent. The rate of long-term capital gains tax (LTCG) was increased from 10 percent to 12.5 percent.

Taxpayers' Expectations from Budget 2025

Experts say that taxpayers of the new tax regime can get more relief. Business Standard has quoted government sources as saying that the government will make income up to Rs 10 lakh per annum tax-free. A new slab of 25 percent tax will be introduced for people with an annual income of Rs 15 lakh to Rs 20 lakh.

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