Key 2024 Union Budget announcements

The budget introduces personal income tax relief for four crore salaried and pensioners under the new tax regime, with the standard deduction increased to ₹75,000 from ₹50,000. The deduction on family pension for pensioners will be enhanced to ₹25,000. The revised tax rate structure includes 0% for income up to ₹3 lakh, 5% for ₹3-7 lakh, 10% for ₹7-10 lakh, and 30% for income above ₹15 lakh. Salaried employees in the new regime can save up to ₹17,500.