Income Tax Changes In Budget 2024. The chancellor jeremy hunt has today announced a range of new tax, benefits and savings measures in his spring budget. Finance minister nirmala sitharaman announced major changes in the new income tax regime during her union budget 2024 speech.
These changes include adjustments to the income tax slabs under the new tax regime, capital gains taxation, an increase in standard deduction, and revisions to the rates of tds and tcs, among other things. Annex a provides tables of tax rates and allowances for the tax year 2023 to 2024 and the tax year 2024 to 2025.