2024 Tax Rates And Standard Deduction. Income tax slabs relaxed from incomes up to rs 10 lakh. Make new tax regime the default tax regime for the.

A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay. Altering the structure for taxation of income under the new regime, finance minister nirmala sitharaman on tuesday revised the tax slabs whilst retaining the.