Additionally, the basic exemption limit was raised from Rs 2.5 lakh to Rs 3 lakh. A deduction of Rs 15,000 for a family pension was introduced.

Recognizing the potential for significant reforms in Budget 2024, we at Myitronline advise caution. We anticipate gradual changes to personal income tax brackets, reserving major adjustments for post-election periods.

New Income Tax vs Old Income Tax Slabs: Exploring Changes and Comparisons. As Finance Minister Nirmala Sitharaman prepares to present the interim budget for FY25 on February 1, 2024, we anticipate updates to the income tax structure.