Union Budget 2024 Income Tax New Vs Old Regime: Finance Minister Nirmala Sitharaman has not made any changes related to income tax in her interim budget address. The government has not given any relief in income tax to the common man in the interim budget.
If you choose the old tax slab, only your income up to Rs 2.5 lakh will be tax free. However, under Section 87A of the Income Tax Act, you can save tax on income up to Rs 5 lakh.
On the other hand, if you choose the new tax slab, you will not have to pay tax on income up to Rs 3 lakh as before. In this also, under Section 87A of the Income Tax Act, salaried people can get tax exemption on income up to Rs 7.5 lakh and others can get tax exemption on income up to Rs 7 lakh.
