Budget 2024: General budget of 48,00000 crores, what did the poor, farmers and taxpayers get, know the main points of the budget..
Finance Minister Nirmala Sitharaman presented the General Budget 2024-25 to the country. In this budget of Rs 48 lakh crore, the government gave relief to the people on many fronts, while in other places it disappointed by increasing the tax burden. Special announcements have been made in the budget for the poor, farmers, and taxpayers. The working class got relief in income tax, while gold and silver items were made cheaper due to a reduction in customs duty. Let us know at a glance what the Finance Minister gave to the countrymen in this budget.
* In the new tax regime, the standard deduction has been increased from Rs 50,000 to Rs 75,000.
* The deduction on family pension for pensioners has been increased from Rs 15,000 to Rs 25,000.
* Changes in income tax slabs under the new tax regime: 5 percent on income between Rs 3-7 lakh, 10 percent on Rs 7-10 lakh, 15 percent on Rs 10-12 lakh
* In the new tax system, salaried employees will now be able to save up to Rs 17,500 in income tax.
* Three cancer drugs - trastuzumabdarextecan, osimertinib and durvalumab - have been completely exempted from customs duty. This has made these medicines cheaper.
* Customs duty on mobile phones, mobile circuit board assembly, and mobile chargers has been reduced to 15 percent.
* Customs duty on gold and silver has been reduced to 6 percent and on platinum to 6.4 percent. This will reduce the prices of gold and silver items.
* Security transaction tax on futures and options trade in the stock market has been increased to 0.02 percent and 0.1 percent respectively.
* Income from repurchase of shares will be taxed.
* Angel tax has been abolished for all categories of investors to promote startups.
* It was proposed to reduce the corporate tax rate on foreign companies from 40 to 35 percent.
* The 'Vivaad se Vishwas' Scheme, 2024 will be introduced to resolve income tax disputes pending appeals.
* Monetary limit for filing appeals relating to direct tax, excise duty, and service tax in tax tribunals, high courts, and Supreme Court proposed to be raised to Rs 60 lakh, Rs 2 crore, and Rs 5 crore respectively
* 20 percent tax on short-term gains on certain financial assets
* 12.5 percent tax on long-term gains on all financial and non-financial assets
* Long-term capital gains up to Rs 1.25 lakh from listed shares exempted from tax
* TDS rate on e-commerce companies reduced from one to 0.1 percent
* Delay in payment of TDS by the due date of filing return decriminalised
* Income tax assessments can be reopened for five years from three years. However, this will happen only when the remaining income is Rs 50 lakh or more
* The government will complete a comprehensive review of the Income Tax Act, 1961 in six months
* GST will be simplified and rationalized so that it can be extended to other sectors
* Fiscal deficit estimated to be 4.9 percent of GDP in FY 2024-25, estimated to be less than 4.5 percent next year
* The budget outlines nine priority sectors including manufacturing and services and next-generation reforms to achieve the goal of developing India
* The budget focuses on employment, skill development, MSMEs, middle-class
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