One of the frequently-used expressions to describe the Union Budget 2024 is âreasonable.â It was indeed a reasonable budget, focusing more on the poor, the middle class and the rural population. In a broader context, the governmentâs focus has been on protecting the interests of the people who form a large part of the middle and bottom of societyâs pyramid. Let us look at the salient features of the Union Budget 2024 to understand this clearly.
For the sake of simplicity, we will start with personal and corporate taxes. Then, we will move on to broad sectoral announcements. We will follow a simple structure, focusing on key announcements in each category or sector. So, read on:
PERSONAL TAX
There have been certain amendments in the New Tax regime (NTR). Firstly, a key development is the increase in standard deduction from â¹50,000 to â¹75,000. Now, let us understand the key changes in the tax structure based on income:
⢠Income up to â¹3 lakh: no tax
⢠Income above â¹3 lakh to â¹7 lakh: 5% tax
⢠Income above 7 lakh to 10 lakh: 10% tax
⢠Income above â¹10 lakh to â¹12 lakh: 15% tax
⢠Income above â¹12 lakh to â¹15 lakh: 20% tax
⢠Income above â¹15 lakh: 30% tax
In the New Tax Regime, the following key developments have transpired:
⢠Deductions available to an employer for contribution to New Pension Scheme (NPS) have been increased to 14% from 10% of an employeeâs salary
⢠Deductions available for family pension to pensioners have been increased to â¹25,000 from â¹15,000
⢠There is a proposal to classify all listed financial assets as long-term if held for more than one year and all unlisted financial assets and non-financial assets will be considered long term if held for more than two years
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