What Budget says - Direct and Indirect Taxes

[CSSwati Rawat]

                                      What Budget says - Direct Indirect Taxes

Changes in New Income Tax Regime Slab

0-3 lakh : Nil 

3-7 lakh: 5%

7-10 lakh: 10%

10-12 lakh: 15%

12-15 lakh: 20%

Above 15 lakh: 30%

1. New tax regime slabs to be changed, standard tax deduction increased from Rs. 50,000 to Rs. 75,000.
2. As in new tax regime Salaried employees to save up to Rs.17, 500 annually in taxes.
3. Exemption to three more medicines for Cancer treatment from customs duty.
4. Government to reduce customs duty on gold, silver to 6%, platinum to 6.4%.
5. Two tax exemption regimes for charities to be merged into one.
6. Short-term gains @ 20% on some financial assets.
7. Unlisted bonds, debentures, debt mutual funds, market-linked debentures to be taxed at slab rate.
8. Angel tax abolished for all classes of investors.