The new tax slabs under the revised income tax regime will take effect from April 1, 2024, for the Assessment Year 2025-26.
Finance Minister Nirmala Sitharaman On Tuesday, significant income tax relief for the middle class was announced, including a 50% increase in the standard deduction to Rs 75,000 and adjustments to the tax slabs for those opting for the new income tax regime. The standard deduction is a fixed amount subtracted from an employee's total annual salary before determining the applicable income tax rate. This announcement by Finance Minister Nirmala Sitharaman during her budget speech is anticipated to provide substantial relief to taxpayers under the new regime.
