Budget 2024: New Income Tax Slabs & Rate Cuts Will Benefit the Middle Class?| Explained

Finance Minister Nirmala Sitharaman revised tax slabs in the new regime, expanding the first taxable bracket from ₹3-6 lakh to ₹3-7 lakh, while maintaining the 5% tax rate. Standard deductions were increased, but details weren't provided. No changes were made for incomes below ₹3 lakh, the ₹12-15 lakh slab, or incomes above ₹15 lakh. These adjustments aim to benefit the middle class by potentially reducing their tax burden. However, the full impact depends on individual financial situations and requires further analysis.

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