Wednesday, July 24, 2024
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BUDGET 2024 FAQs

  • Who makes the budget?

    The finance ministry, NITI Aayog and other ministries of the government are involved in the budget making process. The Ministry of Finance issues guidelines every year on the basis of expenditure. After this, the ministries have to state their respective demands.
  • From whom does the government take opinion for making the budget?

    The Ministry of Finance seeks suggestions from citizens, departments, ministries, economists, industries to increase participation in the process of making the general budget. This year also the Finance Ministry has asked people to give ideas and suggestions for the budget.
  • What is Halwa Ceremony?

    According to the Indian parliamentary tradition, every year the Finance Minister of the country reads out the budget documents and presents them before the House. This budget document is printed in two languages (Hindi and English).
  • When was Rail Budget discontinued?

    Before 2017, the Rail Budget was presented separately. In fact, in 2017, along with making the budget date February 1, the Center had also ended the tradition of presenting the Rail Budget separately.
  • Who holds the record for presenting the budget most number of times?

    As the Finance Minister, Morarji Desai presented the general budget 10 times. Of these, 8 were full budgets and 2 were interim.
  • Which budget was termed as 'black budget'?

    The budget of the year 1973-74 is known as the Black Budget of India. This year the country's budget deficit was Rs 550 crore.
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Income Tax Slabs

  • Tax Slab 2024-25

Existing Tax Regime

  • Income Tax Slab
    Income Tax Rate
  • Upto 0 - 2.5 Lakh
    Nil
  • 2.5 - 5 Lakh
    5%
  • 5 - 10 Lakh
    20%
  • Above 10 Lakh
    30%

New Tax Regime

  • Income Tax Slab
    Income Tax Rate
  • 0 - 3 Lakh
    Nil
  • 3 - 7 Lakh
    5%
  • 7 - 10 Lakh
    10%
  • 10 - 12 Lakh
    15%
  • 12 - 15 Lakh
    20%
  • 15 Lakh Above
    30%
  • Income of Rs 7 lakh now tax free

Existing Tax Regime

  • Income Tax Slab
    Income Tax Rate
  • Up to 3 lakh
    Nil
  • 3-5 lakh
    5% above 3 lakh
  • 5,00,001 - 10 lakh
    10,000 + 20% above 5 lakh
  • Above 10 lakh
    1,10,000 + 30% above 10 lakh

New Tax Regime

  • Income Tax Slab
    Income Tax Rate
  • Up to 2.5 lakh
    Nil
  • 2,50,001 - 5 lakh
    5% above 2.5 lakh
  • 5,00,001 - 7.5 lakh
    12,500 + 10% above 5 lakh
  • 7,50,001 - 10 lakh
    37,500 + 15% above 7.5 lakh

Existing Tax Regime

  • Income Tax Slab
    Income Tax Rate
  • Up to 5 lakh
    Nil
  • 5,00,001 - 10 lakh
    20% above 5 lakh
  • Above 10 lakh
    1 lakh + 30% above 10 lakh

New Tax Regime

  • Income Tax Slab
    Income Tax Rate
  • Up to 2.5 lakh
    Nil
  • 2,50,001 - 5 lakh
    5% above 2.5 lakh
  • 10-12.5 lakh
    75,000 + 20% above 10 lakh
  • Above 15 lakh
    1,87,500 + 30% above 15 lakh

LATEST BUDGET NEWS

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