Standard deduction have been hiked and rates of new income tax slabs have been announced by the Union Finance Minister Nirmala Sitharaman while presenting her seventh consecutive Union Budget on Tuesday, which will lay a roadmap for ‘Viksit Bharat’ by 2047.
After presenting the Budget, Finance Minister Sitharaman will address a press conference along with the Minister of State for Finance, Pankaj Chaudhary, Finance Secretary T.V. Somanathan, Secretaries of the Ministry of Finance, and Chief Economic Adviser V. Anantha Nageswaran on Tuesday afternoon.
Live updates
| Time | Update |
| 12:30 pm | Standard deduction hiked. |
| 12 noon | Budget provides Rs. 2.66 lakh crore for rural development |
| 11:45 am | Govt to set up working women hostels |
| 11:35 am | New centrally-sponsored scheme to skill 20 lakh youth over 5 years |
| 11:30 am | Budget provides Rs 1.48 lakh cr for education, employment, skill |
| 11:20 am | Agriculture and allied sectors get Rs 1.52 lakh crore. |
| 11:15 am | Nirmala Sitharaman says the focus is on employment, poor, women, youth and farmers. |
| 11:00 am | Finance minister tables budget |
| 10:30 am | Nirmala Sitharaman reaches Parliament |
| 9:30 am | Nirmala Sitharaman heads to Rashtrapati Bhavan with the budget documents |
Standard deduction hike, changes in income tax rates
In the Union Budget 2024, the spotlight was on changes in the income tax slabs, rates, and standard deduction to benefit taxpayers.
The standard deduction is availed by salaried income taxpayers and pensioners. It is a fixed amount that salaried employees can deduct from their taxable income without providing proof of expenses. Currently, it is Rs. 50,000. It is proposed to increase to Rs 75,000.
An increase in the standard deduction will be a relief for taxpayers as inflation has increased, raising the cost of living.
Regarding income tax rates, FM proposes new slabs.
| Income | Tax rates (in percentage) |
| Upto Rs 3 lakh | NIL |
| Rs 3-7 lakh | 5 |
| Rs 7-10 lakh | 10 |
| Rs 10-12 lakh | 15 |
| Rs 12-15 lakh | 20 |
| Above Rs 15 lakh | 30 |
