2024 Threshold For Taxes In India. Highlights include revised tax slabs, increased deductions, and simplified taxation. To make the new tax regime more attractive, budget 2024 raised the basic exemption limit to rs 75,000 from rs 50,000 in the new tax regime.
The central board of direct taxes (cbdt) has extended the deadline for filing income tax returns to december 15, 2024, for the financial year. Under the new tax regime, individual taxpayers (irrespective of their age) earning an annual income of up to inr 3 lakh are exempt from paying taxes.