Union Budget 2024: Change in income tax slab… Good news for women… Know how cheap gold and silver jewelry will be…!

While presenting the Union Budget 2024 in the Lok Sabha, Finance Minister Nirmala Sitharaman has announced major changes in the income tax slab. The limit of standard deduction has been increased. The Finance Minister said that it has been increased from 50 thousand to 75 thousand. 

In this system, no tax will be levied on income up to about three lakhs. For those who choose the new tax regime, income up to Rs 7.75 lakh has now become tax free. That is, they have benefited by Rs 17.5 thousand.

At the same time, five percent tax will be levied on income from 3 to 7 lakhs. Whereas income tax will have to be deposited at the rate of 10 percent on income from 7 to 10 lakhs. After this, the government will collect income tax at the rate of 15 percent on taxable income from 10 to 12 lakhs. At the same time, 20 percent tax will be levied on income from 12 to 15 lakhs. The Finance Minister said that income tax will be collected at the rate of 30 percent on income above 15 lakhs.

Big exemption announced in tax regime

Now, no more than 20% tax will be levied on annual  income of 15 lakhs

0-3 lakhs annually will have no tax

03-07 lakhs annually will have 5% tax

07-10 lakhs annually will have 10% tax

15% tax on 10-12 lakhs annual income

20% tax on 12-15 lakhs annual income

30% tax on income above 15 lakhs annually

Gold and silver ornaments will become cheaper

Custom duty on gold and silver reduced

Earlier, custom duty was 11% which will now be 6%

25 critical minerals made custom duty free

Custom duty on platinum 6.4%

Custom duty increased on ammonium nitrate

On ammonium nitrate, it has been increased from 7.5% to 10%

No custom duty on three more medicines for cancer treatment

While presenting the budget in the Lok Sabha, the Finance Minister has announced to make some things cheaper. Custom duty has been removed on three more medicines for cancer treatment. This will reduce the prices of cancer medicines. 

Custom duty on mobile phones reduced

Custom duty on mobile phones and related parts along with chargers has also been reduced to 15 percent. Not only this, customs duty has also been exempted on 25 important minerals. Along with this, customs duty on some brood stock and shrimp along with fish feed has also been reduced to 5 percent.