The full Union Budget for the financial year 2024-25 was presented in the Lok Sabha on Tuesday. Finance Minister Nirmala Sitharaman presented the 11th full budget of the government. In this Union Budget, the government had the opportunity to improve the taxation provisions for salaried persons. Finance Minister Nirmala Sitharaman did not make any major changes related to taxation during her interim budget speech. However, she had said that about one crore people would get tax-related benefits. This time the Finance Minister has made a provision of 5% tax from three to seven lakh rupees in the new tax system. The Finance Minister said in the budget speech that taxpayers will not have to pay any tax on income up to three lakh rupees. A provision of 10% tax has been made for those with income of seven to ten lakh rupees. According to the Finance Minister, with the new announcements, four crore people will get the benefit of up to Rs 17,500 in the new tax system. How much tax will people with how much income have to pay
Up to Rs 3,00,000: Zero
3,00,001 to 7,00,000: 5%
7,00,001 to 10,00,000: 10%
10,00,001 to 12,00,000: 15%
12,00,001 to 15,00,000: 20%
Above Rs 15,00,000: 30%
Finance Minister announces removal of angel tax, know the highlights.
In the case of charity, there will be one tax exemption system instead of two different systems.
In the new tax regime, the standard deduction has been increased from Rs 50,000 to Rs 75.
There will be a provision of two percent TDS instead of five percent TDS for various payments.
20% TDS on re-purchase of mutual funds or UTI has been withdrawn.
TDS for e-commerce operators has been reduced from one percent to 0.1 percent.
Work is going on on Jan Vishwas-2.O for tax resolution.
TDS on repurchase of mutual funds abolished
Short-term capital gain tax rate 20%
Income tax law will be reviewed in six months.
Angel tax removed
Before knowing the expectations of taxpayers from the budget, let us know what announcements the Finance Minister had made in the last budget.
Last time the Finance Minister had talked about withdrawing the old tax demand notices
During the interim budget, the Finance Minister had announced that the government would withdraw disputes up to Rs 25,000 related to direct tax demands (demand notices) pending till the year 2009-10, out of all the disputed cases related to old taxes that have been going on since the year 1962. Similarly, it was decided to withdraw cases of up to Rs 10,000 related to direct tax demands pending between 2010-11 and 2014-15. The Finance Minister had announced to extend the deadline for tax benefits to those investing in startups and pension funds from 31 March 2024 to 31 March 2025. In such a situation, this budget opened the way for those investing in startups to get an additional tax benefit of one year. Finance Minister Nirmala Sitharaman said in her interim budget speech that direct tax collection has increased more than three times in the last 10 years. During this period, the number of tax return filers has increased by 2.4 times. The Finance Minister had also said that the time taken for taxpayers to get tax refunds after filing income tax returns has reduced. Earlier it used to take an average of 93 days, now it has been reduced to 10 days.
'If we are attacked, then...', S Jaishankar's big statement in front of Iran's Foreign Minister
Tension continues between India and Pakistan. India has attacked 9 terrorist bases of Pakistan. N
Former Pakistan batsman Mohammad Yousuf made a statement on the social media platform X regarding
Famous singer Mika Singh has commented on the controversy related to Ranveer Allahabadia and Sama
So far, three films of the Bhool Bhulaiyaa franchise have been released. Akshay Kumar appeared in
The Supreme Court is scheduled to hear the case of rape and murder of a female doctor at Kolkata'
The Online Gaming Promotion and Regulation Bill, 2025, has now become a law after the President's
Haryana Police has arrested an accused in the murder case of Congress worker Himani Narwal. Polic
Donald Trump: 'I don't think we have...'; President Trump said on the post 'lost India to China'
US President Donald Trump on Friday reacted to his post on Truth Social in which he talked about
Khalistan advocate PM Justin Trudeau has suffered a major setback. Khalistan supporter NDP leader
Vinesh Phogat Appeal A decision will be taken today on the medal of Indian female wrestler Vinesh
