Insights into the Latest Union Budget 2024-25: Tax Slab Adjustments and Standard Deduction Updates

The latest Union Budget for 2024-25, unveiled on Tuesday, has brought about adjustments to the tax slab rates and standard deduction for individuals falling under the new tax system. Interestingly, there were no modifications made to the existing tax structure, hinting at a potential shift towards establishing the new tax system as the norm, potentially phasing out the old tax system soon. The revised tax slab rates, coupled with the raised standard deduction from 250,000 to 275,000, are set to result in tax savings of 10,400 for individuals earning an annual salary of 10 lakh, with those having a taxable income of ₹20 lakh and above standing to benefit the most with a maximum saving of 18,200.