NEW DELHI, July 23: Standard deduction in new tax regime hiked to Rs 75,000 from Rs 50,000
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Deduction on family pension for pensioners raised from Rs 15,000 to Rs 25,000
Tax slabs under new tax regime tweaked: 5 pc for income between Rs 3-7 lakh, 10 pc (for Rs 7-10 lakh), 15 pc for Rs 10-12 lakh
Salaried employee in the new tax regime stands to save up to Rs 17,500 in income tax
Three cancer drugs — TrastuzumabDeruxtecan, Osimertinib and Durvalumab — fully exempted from custom duty
Customs duty on mobile phone, mobile Printed Circuit Board Assembly (PCBA) and mobile charger reduced to 15 pc
Customs duties on gold and silver reduced to 6 per cent and that on platinum to 6.4 per cent.
Security Transactions Tax on futures and options of securities increased to 0.02 per cent and 0.1 per cent, respectively.
Income received on buy back of shares to be taxed in the hands of recipient
Angel tax for all classes of investors abolished to boost startups
Corporate tax rate on foreign companies reduced from 40 to 35 per cent.
Vivad Se Vishwas Scheme, 2024 for resolution of income tax disputes pending in appeal
Monetary limits for filing direct taxes, excise and service tax related appeals in tax tribunals, high courts and Supreme Court increased to Rs 60 lakh, Rs 2 crore and Rs 5 crore respectively
20 pc tax on short-term gains on certain financial assets
12.5 pc tax on long term gains on all financial and non-financial assets
Long-term capital gains up to Rs 1.25 lakh from listed equities exempted
TDS rate on e-commerce operators reduced from one to 0.1 per cent
Delay for payment of TDS up to due date of filing statement decriminalized.
I-T assessment can be reopened beyond 3 years up to five years only if the escaped income is Rs 50 lakh or more.
In search cases, time limit reduced from 10 to 6 years before the year of search
Govt to complete comprehensive review of the Income-tax Act, 1961 in six months
GST to be simplified and rationalised to expand to remaining sectors
Fiscal deficit pegged at 4.9 per cent of GDP in FY25, to be cut further below 4.5 pc next year
Budget outlines 9 priority areas, including manufacturing and services, and next generation reforms, in pursuit of Viksit Bharat
Budget focusses on employment, skilling, MSME, middle class
Allocates Rs 1.52 lakh crore for agriculture and allied sectors
FY25 capex pegged at Rs 11.11 lakh crore
Rs 11,500 crore financial support to certain irrigation and flood mitigation projects in Bihar
Rs 15,000 crore special financial support to Andhra Pradesh through multilateral development agencies. (PTI)
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