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20% TDS on re-purchase of mutual funds or UTI has been withdrawn.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.
It is said that there are many rare gems in the inner treasury of Jagannath Mahaprabhu present in
The Women's ODI World Cup has now reached its final stage, and the two teams that will face off f
The second match of the five-match Test series between India and England will be played at Edgbas
Amid the two-week-long military conflict between Israel and Iran, India has launched Operation Si
Paresh Rawal is in the news these days. The reason is his upcoming film, "The Taj Story," which i
'I will have to pay a heavy price, but I am ready, ' PM Modi's first reaction to Trump's tariff
Prime Minister Narendra Modi's first reaction came today after US President Donald Trump announce
After winning the T20 World Cup 2024 title, Rohit Sharma retired from T20 international cricket.
'14 terrorists, 400 kg RDX...', threat of bombing 34 vehicles; Mumbai on high alert
On Thursday, Mumbai Police received such a message on the WhatsApp helpline of the traffic contro
Maratha Protest: From hunger strike to court order, the crowd did not go out of control due to police restraint; finally, the movement ended
Activist Manoj Jarange had reached Mumbai with thousands of supporters to demand Maratha reservati
Amidst the widespread protests and growing instability in Iran, several Indian citizens arrived a
