The Union Budget 2024 brought substantial revisions to the new tax system, enhancing its appeal to taxpayers. The standard deduction has been raised from â‚ą50,000 to â‚ą75,000 in the new tax regime introduced in this year’s budget announcement. Individuals earning up to â‚ą7 lakh per year will be exempt from paying income tax. The objective…
With the revision of tax rates in the new tax regime (NTR) announced in Budget 2024, some taxpayers are in a dilemma about the rates at which they have to calculate their income tax liability while filing their income tax returns ahead of the July 31 deadline. In Budget 2024, Finance Minister Nirmala Sitharaman announced…
Real estate transactions had enjoyed lower effective tax rates due to indexation benefits that adjusted for inflation before levies were made. With the union budget removing indexation benefits across asset classes, a higher appreciation in property prices would actually reduce the tax payout for real estate investors. If the returns are higher, the new long-term…
In Budget 2024, the central government has sweetened the new tax regime with more slab relaxations and an increase in the standard deduction from â‚ą50,000 to â‚ą75,000. However, despite the changes introduced in Budget 2024 in the rates under the new tax regime, there are taxpayers who would want to opt for the old tax…
In the Union Budget 2024, presented by Finance Minister Nirmala Sitharaman on July 23, the tax rates for long-term capital gains (LTCG) and short-term capital gains (STCG) have been tweaked. The changes include raising the tax rate on long-term capital gains on equity from 10 per cent to 12.5 per cent, while the tax rate…
The recently announced Budget 2024 has brought significant changes to the income tax regime, raising pertinent questions about which tax structure—old or new—will be more advantageous for different categories of taxpayers. Finance Minister Nirmala Sitharaman’s revisions include adjustments to tax slabs and deductions, aimed at providing relief to various segments of taxpayers. Let’s delve into…
With the concerns of the period of reassessment and reopening of income tax file, finance minister Nirmala Sitharaman in budget 2024 has simplified such provisions. Sitharaman has suggested that an income tax assessment window can be reopened beyond three years from the end of the assessment year if the income which is not disclosed during…
The Government of India levies income tax at slab rates ranging between 0 and 30 per cent with a surcharge (up to 25 per cent) in addition to levying a 4 per cent health and education cess. Effectively, the maximum rate of income tax on the highest income bracket stands at 39 per cent now….
In Budget 2024, Union Finance and Corporate Affairs Minister Nirmala Sitharaman revised income tax slabs under the New Tax Regime, offering considerable savings in the hands of salaried taxpayers. After the revision of income tax slabs, there is no tax liability for income up to â‚ą3 lakh. However, as the changes announced in Budget 2024…
In the Union Budget 2024 presented by Finance Minister Nirmala Sitharaman on Tuesday, lower tax rates have been introduced under the new tax regime (NTR), indicating that the old tax regime will be eased out gradually. With the latest changes, the salaried taxpayers stand to save a maximum of â‚ą17,500. The new tax regime, anyway,…
