Articles

Introduction: The much awaited Union Budget 2024-25 has been presented by our hon’ble Finance Minister Smt. Nirmala Sitharaman today on 23rd July 2024, before the Parliament. The budget speech of FM highlighted some very welcome budget amendments in the direct tax domain. The new personal tax regime has been further made sweeter. The tax slab rates have been proposed to be reduced in the new personal tax regime. The standard deduction in case of salaried class has been proposed to be increased from Rs. 50,000 to Rs. 75,000/-. The deduction available under section 80CCD(2)(b) in respect of private sector employer’s contribution to National Pension Scheme (NPS) has been proposed to be increased from the present 10% of salary to 14% of the salary of the concern.