New Tax Regime Slabs Changed, Standard Deduction Up From ₹ 50,000 To 75,000

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nced revisions to tax slabs in the new regime. As a result, the Finance Minister told Parliament, salaried employees can save as much as ₹ 17,500 in the new regime.

It will also, she said, provide salaried individuals with higher tax savings and more disposable income.

Existing new tax regime slabs (effective for FY 2023-24) were as follows:

  1. Income up to ₹ 3 lakh – Nil 
  2. Rs 3 lakh to ₹ 6 lakh – 5 per cent
  3. Rs 6 lakh to ₹ 9 lakh – 10 per cent
  4. Rs 9 lakh to ₹ 12 lakh – 15 per cent
  5. Rs 12 lakh to ₹ 15 lakh – 20 per cent
  6. Above ₹ 15 lakh – 30 per cent

The increase in standard deduction was one of the most anticipated ahead of the budget speech.


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