Discover the key highlights of Budget 2024, focusing on employment growth, a revamped tax regime, and strategic rewards for political allies.
Budget 2024: In a significant development on Friday, Finance minister Nirmala Sitharaman proposed the much-awaited Budget 2024 which included the change in the income tax slabs, EPFO benefits and removal of Angel Tax. With these sets of announcements, the government welcomed a fresh set of discussion around the economy.
Highlights Of The Budget 2024: 10 Points
- In her 2024 budget speech, Finance Minister Nirmala Sitharaman announced a good news for the taxpayers opting for the new regime. Sitharaman announced that the standard deduction in the new tax regime has been increased from Rs 50,000 to Rs 75,000.
- Central government has raised the short-term capital gains tax from 15 percent to 20 percent and the rate for Long term capital gains from 10 percent to 12.5 percent.
- Finance Minister Nirmala Sitharaman announced a new tax structure “Under the new tax regime, tax rate structure to be revised as follows – Re 0- Rs 3 lakh -Nil; Rs 3-7 lakh -5%; Rs 7-10 lakh-10%; Rs 10-12 lakh-15%; Rs 12-15 lakh- 20% and above Rs 15 lakh-30%,” she announced.
- Reduction of custom duty oncancers medicines like TrastuzumabDeruxtecan, Osimertinib and Durvalumab.
- Reduction in customs duty on mobile phones, mobile Printed Circuit Board Assembly (PCBA) and mobile charger.
- In the Budget speech, FM Sitharaman announced that the Central government will give one-month’s salary to those joining their first job. The lump-sum amount will be provided as a Provident Fund contribution in installments.
- FM Sitharaman announced plans to develop expressways of Bihar, where its NDA ally JDU is ruling. The expressways which will connect Patna and Purnea, and Buxar and Bhagalpur and another connecting Bodhgaya, Rajgir, Vaishali and Darbanga. Additionally, Bihar also got a gift of two-lane bridge over Ganga in Buxar district.
- Security Transactions Tax on futures and options of securities increased to 0.02 per cent and 0.1 per cent, respectively.
- Reduction in TDS rate on e-commerce operators from from one to 0.1 per cent.
- Government to complete comprehensive review of the Income-tax Act, 1961 in six months.
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