Union Budget 2024: Standard Deduction Raised to Rs 75,000, New Tax Regime Revised |India Budget 2024

Union Budget 2024: Standard Deduction Raised to Rs 75,000, New Tax Regime Revised | India Budget 2024

Presenting the Budget 2024-25, Finance Minister Nirmala Sitharaman announced that the standard deduction for salaried employees will be increased from Rs 50,000 to Rs 75,000 in the new tax regime. Salaried employees will save Rs 17,500 in income tax. The exemption for capital gains has been increased to Rs 1.25 lakh per year for certain assets. Sitharaman also stated that an assessment can be reopened after three years only if the escaped income is Rs 50 crore or more. Additionally, she announced a comprehensive review of the Income-tax Act, 1961. Short term gains on certain financial assets will be 20%, rest is applicable tax rate. Long term capital gains will be 12.5%. Listed financial assets held for more than a year will be classified as long term.

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[anup]

“Pay tax like in Germany, get service like Bangladesh” is apt for high income earners in India.
You pay tax on income, pay tax on purchase of a car from savings (after income tax, inflation etc), pay tax on property. When you lose job, you get nothing from government.

[zealazax]

People are already taxed on everything. Pay tax for earning money. Pay tax for owning property. Pay tax for buying basic commodities. Yet no proper disaster precautions or response. Pay tax for buying medicines despite the high cost medical bills. Even if your kid has good marks pay over 8-10 lakhs to get a seat in college and on top of it 2lakhs a year in fees. No proper infrastructure for transportation. Hike in cost of electricity. No change in education system for more 4 decades. Outdated syllabus. More unemployed despite job creation.

[maltruent]

In past 10 years inflation raised by 2x and tax slab raised by 10%. There is nothing here for salaried employee

[shubhankarpradhan]

And then they say why are kids only preparing to leave the country 😂😂😂

[ganeshmohan]

This budget is a Joke, This lady will destroy the BJP

[nagarajreddy]

Look at their happy faces, as if they done so much to tax payers. I have lost interest in this government. Middle class families finding very difficult to live in this country.

[anandpadhye]

Housing prices has gone up by 300% and rebate 25000 .... Loot lo middle class honest tax payers....

[RanjeetMD]

Finally middle class started investing in share market as their first choice and GOI had to increase LTCG and STCG. So, all these tax slab relief is taken care by the increase in LTCG and STCG.

[World_of_aquatics]

Worst FM and Government
Just thinking how did I vote them earlier

[powr]

If u earn 20 lakh pay 6lakh tax means u left 14 lakh
If u earn 15 lakh pay 3lakh tax means u left 12 lakh

[ozkdulx]

Mata ji is expert in speaking Taxpayer's income tax policy affairs Budget

[siddheshshivraj]

If you are earning above 20 lpa, just try to leave this country.

[Mr.Indian]

Have some common sense in how you tax. Too much burden on salaried employees 😤😤😤😤😤😤

[nitinmeena]

Madam sir, pl. Make a arrangement to get the benefits from public, private service who has paid income tax to gov anykind of concession mechanism. We are heavy huge burden on our shoulder of center vs state gov taxes.

[abpropertiesmumbai]

No shame on😢 making these type of tax slabs.

[spram]

Will it be applicable from Next year ITR?

[shashisharma]

Really now I also think that BJP should have been shunted out. They should have made some good allocation towards Health & Education. Rest many things can be adjusted but the Health & Education sector needed to be reformed. Big Schools needed to be controlled for fees & government schools should have been given more funds to improve.

[srikanthgoud]

Change in tax slabs in congress government.

30 % income tax slab in 2005 -- above 1, 50, 000

30 % income tax slab in 2006-08-- above 2, 50, 000


30 % income tax slab in 2008-11 -- above 5, 00, 000


30 % income tax slab in 2011-13 -- above 8, 00, 000

30 % income tax slab since 2013 -- above 10, 00, 000

Based on inflation and when number of people paying taxes increases, tax on individual should reduce.
The government did not change the 30% slab since 10y and no change in 80c, no change in many exemptions.
Why do bhakts still support this govt ?
Blind bhakts are reason and responsible for this.

[RaviKiran-lxkw]

Until state and central government end all freebies\ charity.. We will not get less income tax.. Don't hope for it

[pintoa]

A kaali chombu for all kannadigas from looting Modi an d BJP