Pages

Tuesday, July 23, 2024

INDIAN UNION BUDGET 2024-KEY HIGHLIGHTS

 


1. On Financial assets sale - Short Term Capital gain increased from 15% to 20%.

2. On Financial assets sale - Long Term Capital gain increased from 10% to 12.5%.

3. On Financial assets sale - Long Term Capital gain basic exemption limit shall be increased from 1 lacs to 1.25 lacs.

4. Standard Deduction on new scheme salaried employee from 50 k to 75k.

5.New scheme slab rate is as under:
  • 0-3L Zero
  • 3-7L 5%
  • 7-10L 10%
  • 10-12L 15%
  • 12-15L 20%
  • 15 & above, 30% 
Salaried employee in new tax regime will save up to Rs 17,500 in income tax.

6. TDS on repurchase by MF or UTI withdrawn

7. increase in the Securities Transaction Tax (STT) on Futures and Options. The STT on futures will rise from 0.0125% to 0.02%, while the STT on options will increase from 0.0625% to 0.10%.

8. STT on F&Os proposed to be increased to 0.02% and 0.1% respectively.

9. Default in TDS arrest has been withdrawn.

10. Angle Tax abolished
11. Re-opening of Assessment reduced from 10 years to 5 years.
12. Reintroduction of Block Assessment in case of search & seizure.

Economic Survey:

1. Re-election and Faith in Government: The people of India have re-elected the government led by PM Modi for a historic third term.

2. Inflation and Economic Stability: India's inflation continues to be low and stable, moving towards a 4% target.

3. Youth-Focused Schemes: Five schemes will focus on 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crore.

4. Nine Priorities Roadmap: A roadmap to pursue nine priorities for India's opportunity was outlined.

5. Budget Focus: The budget will focus on employment, skilling, MSMEs, and the middle class, with ₹1.48 lakh crore allocated for education, employment, and skilling.

6. Agricultural Development: 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation. Additionally, 1 crore farmers will be initiated into natural farming, supported by certification and branding.

7. Vegetable Production Clusters: Large-scale clusters for vegetable production will be developed closer to consumption centres.

8. Employment and Skilling Schemes: ₹2 lakh crore package announced for 5 new schemes focusing on jobs and skilling for 4.1 crore youths.

9. Sustained Efforts for Viksit Bharat: Continued efforts on nine priorities for a developed India (Viksit Bharat).



By CA RAJ CHAWLA

No comments:

Post a Comment