Finance Minister Nirmala Sitharaman presented Union Budget 2024 today. In her Budget 2024 presentation in Lok Sabha, she unveiled new personal income tax rates. Under the revised scheme, no tax is applicable for incomes up to 3 lakh rupees per year. For incomes between 3 lakh and 7 lakh rupees annually, a 5% income tax rate will be imposed. Those earning between 7 lakh and 10 lakh rupees will face a 10% income tax, while incomes between 10 lakh and 12 lakh rupees will be taxed at 15%. This new tax structure aims to provide relief to low and middle-income earners while ensuring a progressive tax system to support government revenue needs