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Budget 2024 for Salaried Taxpayers
What are the top expectations for a Salaried Taxpayers from the upcoming Interim Budget 2024-2025? Whatever the profession you are in financialexpress.com has listed all the benefits for each profile on its dedicated page Who Gets What. Navigate through all the declarations and announcements at a glance from the current and past Union Budgets on this page.
Budget 2024 Announcements for Salaried Taxpayers
Salaried Taxpayers
- No changes in direct and indirect taxes
- No Change in tax regime, same tax slabs to continue
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Budget Announcements for Salaried Taxpayers in FY2024
Salaried Taxpayers
- Taxpayers earning up to Rs 7 lakhs will not have to pay taxes as compared to the current limit of Rs 5 lakhs.
- Surcharge on annual income above 5 crores reduced from 37% to 25%.
- Each salaried person with an income of Rs 15.5 lakhs or more to benefit by Rs 52,500.
Budget Announcements for Salaried Taxpayers in FY2023
Salaried Taxpayers
- Income tax rates for both individuals and corporations remain unchanged.
Budget Announcements for Salaried Taxpayers in FY2022
Salaried Taxpayers
- Corporate tax rate reduced significantly to become one of the world's lowest.
- Relief provided to small taxpayers by enhancing rebates, easing the tax burden
Budget Announcements for Salaried Taxpayers in FY2021
Salaried Taxpayers
- Changed tax slabs by raising income tax slabs benefitting the salaried class who earn up to Rs 15 lakh a year.
- Key exemptions were removed such as home loan interest, HRA, LTA, Health insurance, standard deduction
Budget Announcements for Salaried Taxpayers in FY2020
Salaried Taxpayers
- Standard Deduction for salaried individuals increased to Rs. 50,000 from Rs. 40,000 .
- TDS threshold on interest earned from bank/post office deposits raised to Rs. 40,000 from Rs. 10,000.
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