How taxpayers can save up to Rs 17,500 a year in income tax ? Decoded by Udaipur ca.

Discover the new budget 2024 tax regime and how Udaipur CAs can help you save up to Rs 17,500 on your annual income tax. Our expert tax consultants in Udaipur break down the latest budget changes.

The Finance Minister Nirmala Sitharaman announced an increase in the standard deduction to Rs 75,000 from Rs 50,000, and also changed the tax slabs under the New Tax Regime who are falling in the  tax slabs (having taxable income of upto  Rs 15 lakh). These proposed changes will provide a tax benefit up to Rs 17,500 PA to individual taxpayers under the new tax regime for salaried taxpayers.

1. Salaried Tax payers will save Rs 7,500 on account of enhancement in the standard deduction limit to Rs 75,000 from Rs 50,000 under the new tax regime.
2. In addition to the said benefit, the tax slabs rationalisation will lead to savings of Rs 10,000 for taxpayers falling upto the slab category  Rs.  15 lac. 

Earlier, tax payers falling in Rs 3-6 lakh taxable income slabs were liable to pay tax @5% which has been changed to Rs 3-7 lakh with the same tax rate. Similarly, the slab for 10 per cent tax rate has been changed from Rs 6-9 lakh to Rs 7-10 lakh. The tax slab for 15 per cent rate has been changed from Rs 9-12 lakh to 10-12 lakh while tax slabs for 12-15 lacs has not been changed.

The saving in the tax due to change in slabs can be better understood from the below mentioned chart.

The 2024 budget brought major income tax changes. Learn how to maximize your savings with help from top ca in udaipur or top Udaipur tax consultants – get up to Rs 17,500 in annual tax relief.