Overview of Direct Tax Proposal in Union Budget – 2024

 

1) Under New Regime, Standard Deduction on Salry increased to 75000 & on Family pension to 25000

 

2) New Regime tax rates tweaked :-

 

3-7 lac.  5% tax rate

 

7-10 lac  10% tax rate

 

10-12 lac  15% tax rate

 

12-15 lac. 20%

 

15 lac & above : 30%

 

3) Short term capital gain tax rate increased to 20%

 

4) Long term capital gain tax rate increased to 12.5%

 

5)Investment in listed schemes to be treated as Long term, after 1 year; others after 2 years

 

6) Long term Capital gain exempted upto 1.25 lac

 

7) TDS rate on Rent paid by individuals decreased to 2%

 

8)Reassessment to be opened upto 3 years, except till 5 years, if escaped income more than 50 lacs

 

9) Charitable trust exemptions merged

 

10) Custom duty reduced on Cancer drugs & mobil phones

 

11) LLP voluntary closure procedure to be started

 

12) NPS deduction rate increased to 14%