Honourable Finance Minister Smt. Nirmala Sitharaman announced her 7th straight Union Budget on July 23, 2024. In the budget, she offered some relief to salaried individuals by raising the standard deduction to Rs. 75,000 (applicable only to those who follow the new tax regime). Additionally, she adjusted the capital gains tax rates and the tax slabs with the intention of lowering the overall income tax liability.
In this article, let’s gain more clarity and understand the 5 major Union Budget 2024 changes that you must know to remain compliant and better manage your taxes.