NEW DELHI, July 23: Highlights of Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Tuesday.
* Standard deduction in new tax regime hiked to Rs 75,000 from Rs 50,000
* 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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