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TMI BlogBUDGET- Key Highlights for Viksit BharatX X X X Extracts X X X X X X X X Extracts X X X X ..... BUDGET- Key Highlights for Viksit Bharat - By: - CSSwati Rawat - Budget - Tax Proposals - Dated:- 24-7-2024 - 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 increased from 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 TDS on repurchase by MF or UTI withdrawn 7 .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 Transaction Tax (STT) on Futures ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Default in TDS arrest has been withdrawn. 10.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 case of search seizure. Econ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omic 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 Focus on employment, skilling, MSMEs, and the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iddle 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. Vegetable Production Clusters - Large-scale clusters fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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). - Scholarly articles for knowledge sharing authors experts professional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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