Quick Recap: India Union Budget 2024 Key Takeaways for Middle-Class and Salaried People
FM announces changes in new tax regime – standard deduction proposed to increase to ₹75,000 from ₹50,000.
Salaried employee in new tax regime will save up to ₹17,500 in income tax, said FM
In new tax regime, tax rate structure to be revised to: (in Rs) 0-3L - Zero 3-7L - 5% 7-10L - 10% 10-12L - 15% 12-15L - 20% 15L & above - 30%
No changes in the old tax regime; the tax rate structure is the same as before.
Long-term capital gains on all financial and non-financial assets will attract a tax rate of 12.5% from 10% earlier.
Short-term capital gains tax has been increased to 20% from 15% earlier.
Raising the STT rate from 0.01 percent to 0.02 percent. Just Double
Reduce the Basic Customs Duty (BCD) on mobile phones
Customs duty on gold and silver to be reduced to 6%, platinum to 6.4%
Boosting employment and skilling, with an allocation of ₹2 lakh crore.
₹1.48 lakh crore is earmarked for education, employment, and skilling
A scheme will also be introduced to offer internships to one crore youth over five years.