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Union Finance Minister Nirmala Sitharaman announced changes in the new income tax regime in her Union Budget 2024 speech.

These changes included new income tax slabs for FY 2024-25 and a hike in the standard deduction.

The standard deduction for salaried employees was hiked from Rs 50,000 to Rs 75,000.

The deduction on family pensions for pensioners has been increased from Rs 15,000 to Rs 25,000.

Up to Rs 3 lakh, the tax is NIL.

From Rs 3 lakh to Rs 7 lakh, the tax rate is 5%

From Rs 7 lakh to Rs 10 lakh, the tax rate is 10%

From Rs 10 lakh to Rs 12 lakh, the tax rate is 15%

From Rs 12 lakh to Rs 15 lakh, the tax rate is 20%

For above Rs 15 lakh income, the tax rate is 30%

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