Budget & You: The hits and misses of Budget 2024

The good Tax rates were further revised to reduce tax outgo in the new tax regime (see table below). The standard deduction was increased from Rs 50,000 to Rs 75,000 in the new tax regime. Those in the highest tax bracket save Rs 17,500 in taxes due to these two changes. The exemption limit for long-term capital gains on equity-oriented investments has been increased from Rs 1 lakh to Rs 1.25 lakh. Employer's tax-free