Income Tax Proposal in Union Budget – 2024
- Limit of exemption at capital gains proposed at Rs 1.25 lakh a year
- STT on F&O hiked to 0.02% and 0.1%
- Corporate tax rate on foreign companies reduced to 25%
- Limit of LTCG hiked from 10% to 12.5%
- Short term gains on certain financial assets will be 20 percent, rest is applicable tax rate
- Long term capital gains will be 12.5 percent
- Listed financial assets held for more than a year will be classified as long term
- TDS rate on e-commerce operators to be reduced to 0.1 percent from 1 percent
- Tax rate of 20 per cent on certain assets. Rest to attract applicable rates
- Listed financial assets held for more than a year will be classified as long term
- Unlisted bonds and debentures, irrespective of holding period, to attract CGT as pwer applicable rates
- Abolishment of Angel Tax announced for all classes of investors
- Professionals in MNCs who get esops and then invest in movable assets abroad of upto Rs 20 lakh decriminalized / non-penalised
- Under new tax regime, standard deduction hiked to Rs 75,000 from Rs 50,000
- Deduction on family pension for pensioners to be enhanced to 25K Rs
- Salaried employee will save Rs 17,500 in income tax
New tax regime Tax rate structure to be revised as follows:
- 0-3L — 0%
- 3-7 L — 5%
- 7-10 L — 10 %
- 10 – 12 L — 15 %
- 12 – 15 L — 20%
- over 15 L — 30%
