Income Tax Slabs 2024-25 Budget 2024 Live Updates: Income Tax rates, slabs and new tax regime to see changes? Standard deduction, basic exemption hike also expected

Category: Finance

Taxpayers are facing increased tax burdens due to outdated income tax brackets and complex capital gains taxation rules. The old tax regime imposes excess taxes on incomes over Rs 5 lakh, while the new regime raises the threshold to Rs 15 lakh. Additionally, the Tax Collected at Source (TCS) rules under the Liberalised Remittance Scheme (LRS) are causing liquidity issues for individuals. There is a pressing need for the government to simplify these tax regulations to alleviate confusion and financial strain on taxpayers.

Keywords: Income Tax, Budget 2024, Capital Gains Tax

Source: Times of India

Update At: 7/23/2024

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