Budget 2024: In the budget, the Finance Minister has increased the standard deduction in the new tax regime for salaried people. It has been increased from Rs 50,000 to Rs 75,000.
At the same time, the Finance Minister has increased the long term capital gain tax and short term capital gain tax on all financial and non-financial assets. Now LTCG will be taxed at the rate of 12.5%. Additionally, the exemption limit for capital gains will be fixed at Rs 1.25 lakh per annum. At the same time, STCG will be taxed at the rate of 20 percent.
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Finance Minister Nirmala Sitharaman has announced a better review of the Income Tax Act 1961. She said that this will reduce disputes and litigation, she said that it is proposed to complete it in 6 months.
Also Read: Property Tips: House or land, whose registration costs more money?
New Tax Slab in Budget 2024-25
- 0-3 lakh rupees: 0
- Rs 3-7 lakh: 5%
- 7-10 lakhs: 10%
- Rs 10-12 lakh: 15%
- Rs 12-15 lakh: 20%
- Above Rs.15 lakh: 30%
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