Auditing Bazaar https://auditingbazaar.in The best quality and cost effective legal and compliance services Tue, 23 Jul 2024 08:29:57 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://auditingbazaar.in/wp-content/uploads/2023/07/cropped-Siteicon-32x32.png Auditing Bazaar https://auditingbazaar.in 32 32 230638473 Union Budget Highlights 2024 3.O : Income Tax Announcements https://auditingbazaar.in/union-budget-2024-3-o/ https://auditingbazaar.in/union-budget-2024-3-o/#respond Tue, 23 Jul 2024 06:04:42 +0000 https://auditingbazaar.in/?p=900 Budget 2024 Highlights FM's income tax announcements • Income-tax slab rates changed for the lower slabs, for the new simplified income tax regime • Standard deduction, for taxpayers opting for the new tax regime, at Rs 75,000, up from Rs 50,000 earlier • NPS Vaatsalya for minor children announced in Budget 2024. Where parents can […]

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Union Budget 2024 : FM's income tax announcements Union Budget 2024 : FM's income tax announcements 3.O

FM's income tax announcements

Budget 2024 Highlights

FM’s income tax announcements

• Income-tax slab rates changed for the lower slabs, for the new simplified income tax regime

• Standard deduction, for taxpayers opting for the new tax regime, at Rs 75,000, up from Rs 50,000 earlier

• NPS Vaatsalya for minor children announced in Budget 2024. Where parents can invest on behalf of their kids. Upon attaining majority, this can be converted to regular NPS

• Deduction on employers’ contribution to private sector employees’ NPS has been hiked to 14%, up from 10% earlier. Only for the new income-tax regime.

• Changes in capital gains tax regime. Long-term capital gains rate hiked to 12.5%, up from 10%

• Long-term capital gains income up to Rs 1.25 lakh exempt from tax

• Holding period of capital gains tax streamlined: All listed financial assets held for more than a year: long-term. All unlisted financial and non-financial asserts held for more than 2 years: long-term.

Revised tax slabs under new regime

0-3 lakh – Nil

3-7 lakh – 5%

7-10 lakh – 10%

10-12 lakh – 15%

12-15 lakh – 20%

15 lakh+ – 30%

FM revises tax structure under new tax regime

Under new tax regime, standard deduction hiked to Rs 75,000 from Rs 50,000

Salaried employee will save Rs 17,500 in income tax

Limit of STCG tax hiked to 20%, LTCG raised from 10% to 12.5%

The unexpected – short term capital gains raised to 20% from 15% and long term to 12.5 %,from 10%, increase STT on futures and options, income from buy back to be taxed, short-term negative, will not fundamentally alter the market direction

Corporate tax rate on foreign companies reduced to 25%

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