TaxTMI 
TaxTMI 
BUDGET- Key Highlights for Viksit Bharat
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....UDGET- Key Highlights for Viksit Bharat<br>By: - CSSwati Rawat<br>Budget - Tax Proposals<br>Dated:- 24-7-2024<br><br>BUDGET 2024-25 - What all it gave! 1. Financial assets sale - Short Term Capital gain increased from 15% to 20%. 2. Financial assets sale - Long Term Capital gain increased from 10% to 12.5%. 3. Financial assets sale - Long Term Capital gain basic exemption limit shall be increa....
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....sed from 1 lacs to 1.25 lacs. 4. Standard Deduction on new scheme salaried employee increased from Rs. 50,000 to Rs.75,000; 5.New scheme slab rate is as under: 0-3L Zero 3-7L 5% 7-10L 10% 10-12L 15% 12-15L 20% 15 & above, 30% Salaried employee in new tax regime will save up to Rs. 17,500 in income tax. 6. TDS on repurchase by MF or UTI withdrawn 7. Increase in the Securities Transactio....
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....n Tax (STT) on Futures and Options - STT on futures will rise from 0.0125% to 0.02%, while the STT on options will increase from 0.0625% to 0.10%. 8. STT on F&Os proposed to be increased to 0.02% and 0.1% respectively. 9. Default in TDS arrest has been withdrawn. 10. Angle Tax abolished 11. Re-opening of Assessment reduced from 10 years to 5 years. 12. Reintroduction of Block Assessment in ca....
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....se of search & seizure. Economic Survey: * Inflation and Economic Stability - India's inflation continues to be low and stable, moving towards a 4% target * Youth-Focused Schemes - Five schemes will focus on 4.1 crore youth over 5 years with a central outlay of Rs.2 lakh crore. * Roadmap on Nine Priorities to pursue nine priorities for India's opportunity was outlined. * Budget Fo....
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....cus on employment, skilling, MSMEs, and the middle class, with Rs.1.48 lakh crore allocated for education, employment, and skilling. * Agricultural Development - 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops will be released for cultivation. Additionally, 1 crore farmers will be initiated into natural farming, supported by certification and branding. * Ve....
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....getable Production Clusters - Large-scale clusters for vegetable production will be developed closer to consumption centres. * Employment and Skilling Schemes - Rs. 2 lakh crore package announced for 5 new schemes focusing on jobs and skilling for 4.1 crore youths. * Sustainable Efforts for Viksit Bharat - Continued efforts on nine priorities for a developed India (Viksit Bharat).<br> Scholarl....
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