India Budget 2024: Key Takeaways from Nirmala Sitharaman's Speech (July 23rd, 2024)
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Budget 2024, presented by Finance Minister Nirmala Sitharaman on July 23rd, outlined the Modi government's roadmap for India's development in the next five years. Here's a breakdown of the key announcements:
Taxation:
Budget Direct Tax Majors
Angel Tax Abolished
One of the most anticipated changes is the complete abolition of the angel tax. This tax, levied on investments made in startups, has been a major hurdle for the startup ecosystem. Its removal is expected to encourage more angel investors to support budding entrepreneurs.
Changes to Capital Gains Tax
The government has rationalized the taxation of long-term capital gains. Now, both financial and non-financial assets will be taxed at a uniform rate of 12.5%. Additionally, the annual exemption limit for capital gains has been increased to Rs. 1.25 lakh, providing relief to taxpayers.
Hike in Securities Transaction Tax
To broaden the tax base, the Securities Transaction Tax (STT) on Futures and Options (F&O) has been increased. The new rates are 0.02% and 0.01% respectively.
Enhanced Standard Deduction
In a move to provide tax benefits to salaried individuals, the standard deduction has been raised from Rs. 50,000 to Rs. 75,000. This will result in higher disposable income for taxpayers.
Revised Tax Structure Under New Regime
The government has announced changes to the tax rate structure under the new income tax regime. Here's a breakdown of the new slabs:
* Income up to Rs. 3 lakh: Nil tax
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* Income from Rs. 3 lakh to Rs. 7 lakh: 5% tax
* Income from Rs. 7 lakh to Rs. 10 lakh: 10% tax
* Income from Rs. 10 lakh to Rs. 12 lakh: 15% tax
* Income from Rs. 12 lakh to Rs. 15 lakh: 20% tax
* Income above Rs. 15 lakh: 30% tax
This revised structure is expected to provide significant tax relief to salaried individuals, with potential savings of up to Rs. 17,500.
Boosting Employment & Infrastructure:
Sectoral Highlights:
Fiscal Deficit:
Next Steps:
For a more comprehensive understanding, you can refer to official government documents or news articles from reputable sources. Analyzing expert opinions on the budget's impact on various sectors is also recommended.
Stay tuned!
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