High Income Threshold 2024-25 202425 Low Income. For an individual below 60 years of age, the basic exemption limit is of rs 2.5 lakh. No changes in income tax rates were made by the finance minister nirmala sitharaman in her union budget 2024 speech.

Highlights include revised tax slabs, increased deductions, and simplified taxation. Unless otherwise stated, the following figures apply from 6.