New Tax Slab 2024-24. The revisions include new income tax slabs for the fiscal year 2024. In the union budget 2024, the finance minister announced significant changes to the new income tax regime.

The basic exemption limit has been hiked to rs 3 lakh from rs 2.5 currently under the new income tax regime in budget 2023. 2) tax rebate under section 87a increased from rs 5 lakh to rs 7 lakh.