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Union Budget 2024 Highlights: The first budget of the third term of the Modi government has been presented today. Then this budget of the government has proved to be pleasant for the people. The government has made many big announcements in the field of farmers, students, employment, housing, tax, health. But the biggest announcement has been made for income tax. A big announcement has been made regarding income tax in the Union Budget 2024. The government has given a big concession in the new tax system. From now on, no more than 20 percent tax will be levied on income from 3 to 15 lakhs.
• Announcement of tax slabs as per new income tax structure
• No tax on income up to Rs 3 lakh
• 5% tax on income between Rs 3 lakh and Rs 7 lakh
• 10% tax on income between Rs 7 lakh and Rs 10 lakh
• 15% tax on income between Rs 10 lakh to Rs 12 lakh
• 20% tax on income between Rs 12 lakh and Rs 15 lakh
• 30% tax on income above Rs 15 lakh
Revised income tax slabs
Major changes have also been made in the income tax slab. Under this, there will be no tax on income up to Rs 0-3 lakh. Whereas 5 percent tax will be levied on income up to Rs 3-7 lakh. 10 percent tax will be levied on taxable income up to Rs 7-10 lakh. 15 percent tax will be levied on income of Rs 10-12 lakh. 20% tax on income of Rs 12-15 lakh and 30% tax on income above Rs 15 lakh. However, many citizens are disappointed due to no change in the old tax structure.
Increase in securities exchange tax on futures and options,
STT hike announced on F&O. STT rate on futures increased to 0.02%. STT rate on options increased to 0.1%. Income from share buyback will be taxable.
Announcement of abolition of angel tax
Announcement of Angel Tax Abolition, Angel Tax Abolition for all investors. Startups have been demanding this for a long time.
Standard deduction increased
In the new tax system, the standard deduction has been increased from Rs 50 thousand to Rs 75 thousand.
Taxes on foreign companies reduced
Corporate tax on foreign companies has been reduced to 35 percent.
The tax system will be simplified.
More officers will be deputed to hear big tax cases. Efforts to resolve tax disputes within 6 months. Income tax system will be simplified. Tax laws will be simplified.
Capital gains tax to be simplified
No criminal case for delay in payment of TDS. Process of TDS arrears will be simplified. Capital gains tax exemption limit increased for low and middle income groups.