{"id":129235,"date":"2024-07-23T14:20:54","date_gmt":"2024-07-23T08:50:54","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=129235"},"modified":"2024-07-23T16:29:05","modified_gmt":"2024-07-23T10:59:05","slug":"how-can-salaried-employees-save-17500-annually-under-the-new-tax-regime","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/how-can-salaried-employees-save-17500-annually-under-the-new-tax-regime\/","title":{"rendered":"How can salaried employees save \u20b9 17,500 annually under the new tax regime?"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-725981427\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>On Tuesday, Finance Minister Nirmala Sitharaman unveiled a new economic roadmap of Modi 3.0 in the Lok Sabha. Presenting the Union Budget 2024, Sitharaman said that the Modi government will focus more on the middle class and youth of the country.&nbsp;<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2819304047\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The recent changes in India&#8217;s tax regime, announced by Finance Minister Nirmala Sitharaman during the Union Budget 2024, will significantly benefit salaried employees.&nbsp;<\/p><p>The standard deduction has been increased from Rs 50,000 to Rs 75,000, resulting in an annual tax saving of Rs 17,500 for individuals opting for the new tax regime. This adjustment is aimed at providing relief to middle-class taxpayers.&nbsp;<\/p><p class=\"has-text-align-left\">Furthermore, the Finance Minister adjusted some of the tax slabs. Listed below are updated tax slabs:<\/p><div class=\"trade-content_5\" id=\"trade-101125135\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h2 class=\"wp-block-heading\"><strong>Revised Slabs under new tax regime<\/strong><\/h2><div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\"><div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\"><figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>OLD SLABS<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong> NEW SLABS<\/strong><\/td><td><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Upto Rs. 3 lakh<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Nil<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong> Upto Rs. 3 lakh<\/strong><\/td><td><strong>Nil<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Rs. 3 lakh to Rs. 6 lakh<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>5%<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong> Rs. 3 lakh to Rs. 7 lakh<\/strong><\/td><td><strong>5%<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Rs. 6 lakh to Rs. 9 lakh<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>10%<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong> Rs. 7 lakh to Rs. 10 lakh<\/strong><\/td><td><strong>10%<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Rs. 9 lakh to Rs. 12 lakh<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>15%<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong> Rs. 10 lakh to Rs. 12 lakh<\/strong><\/td><td><strong>15%<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Rs. 12 lakh to Rs. 15 lakh<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>20%<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong> Rs. 12 lakh to Rs. 15 lak<\/strong>h<\/td><td><strong>20%<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>More than Rs. 15 lakh<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>30%<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong> More than Rs. 15 lakh<\/strong><\/td><td><strong>30%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n<p class=\"has-text-align-center\"><\/p><\/div><\/div><\/div><\/div><p>Under the new tax regime, the lowest income slab has been raised to Rs. 3 lakhs from Rs. 2.5 lakhs and will be taxed at 0 percent. Income between Rs. 3 lakhs and Rs. 7 lakhs will incur a 5 percent tax, while earnings from Rs. 7 lakhs to Rs. 10 lakhs will be taxed at 10 percent.&nbsp;<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Also read<\/strong><\/p><\/blockquote><figure class=\"wp-block-embed is-type-wp-embed is-provider-trade-brains wp-block-embed-trade-brains\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"uAgRnbSENm\"><a href=\"https:\/\/tradebrains.in\/features\/budget-2024-agri-and-fisheries-stocks-to-benefit-from-1-52-lakh-cr-financial-support\/\">Budget 2024: Agri and Fisheries stocks to benefit from \u20b9 1.52 Lakh Cr financial support\u00a0<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Budget 2024: Agri and Fisheries stocks to benefit from \u20b9 1.52 Lakh Cr financial support\u00a0&#8221; &#8212; Trade Brains\" src=\"https:\/\/tradebrains.in\/features\/budget-2024-agri-and-fisheries-stocks-to-benefit-from-1-52-lakh-cr-financial-support\/embed\/#?secret=T4Dye9S0YE#?secret=uAgRnbSENm\" data-secret=\"uAgRnbSENm\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure><p>The tax rate increases to 15 percent for income between Rs. 10 lahks and Rs. 12 lakhs, 20 percent for Rs. 12 lakhs to Rs. 15 lakhs, and 30 percent for income exceeding Rs. 15 lakhs.&nbsp;<\/p><p>Previously, under the new income tax regime, there was no tax up to Rs 3 lakh income, Rs 6 lakh to Rs 9 lakh was taxed at 10 percent, Rs 9 lakh to Rs 12 lakh was taxed at 15 percent, 12 lakhs to Rs 15 lakh at 20 percent and Rs 15 lakh and above at 30 percent.&nbsp;<\/p><p>Furthermore, the finance minister said that the National Pension System (NPS) deduction on employer&#8217;s contribution to employees&#8217; basic salary has been raised from 10 per cent to 14 per cent. This will apply to public sector companies, and the private sector under the new regime.&nbsp;<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Written By Vaibhav Patil<\/strong><\/p><\/blockquote><h4 class=\"wp-block-heading\" id=\"h-disclaimer\"><strong>Disclaimer<\/strong><\/h4><div class=\"wp-block-image\"><figure class=\"aligncenter size-medium\"><img decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/warning-disclaimer-300x300.png\" alt=\"\" class=\"wp-image-26306\"\/><\/figure><\/div><p><strong>The views and investment tips expressed by investment experts\/broking houses\/rating agencies on <a href=\"http:\/\/tradebrains.in\/\">tradebrains.in<\/a> are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing<\/strong>.<\/p><div class=\"trade-after-content\" id=\"trade-1179763483\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>On Tuesday, Finance Minister Nirmala Sitharaman unveiled a new economic roadmap of Modi 3.0 in the Lok Sabha. Presenting the Union Budget 2024, Sitharaman said that the Modi government will focus more on the middle class and youth of the country.&nbsp; The recent changes in India&#8217;s tax regime, announced by Finance Minister Nirmala Sitharaman during [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":118317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[16361,2582,948,936,20758,20759],"class_list":["post-129235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news","tag-budget-2024","tag-nirmala-sitharaman","tag-stock-market","tag-stock-market-news","tag-union-budget-2024","tag-union-budget-2024-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How can salaried employees save \u20b9 17,500 annually under the new tax regime? 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