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:
- Income up to ₹ 3 lakh – Nil
- Rs 3 lakh to ₹ 6 lakh – 5 per cent
- Rs 6 lakh to ₹ 9 lakh – 10 per cent
- Rs 9 lakh to ₹ 12 lakh – 15 per cent
- Rs 12 lakh to ₹ 15 lakh – 20 per cent
- Above ₹ 15 lakh – 30 per cent
The increase in standard deduction was one of the most anticipated ahead of the budget speech.
