Union Budget 2024-25: Income Tax Key highlights..!
New tax regime has become more attractive. The government believes that opting for the new tax regime could potentially help people save up to Rs.17,500 in income tax. Let us look at the proposed new slabs:
| Rs 0-3 lakh | Nil |
| Rs 3-7 lakh | 5% |
| Rs 7-10 lakh | 10 % |
| Rs 10-12 lakh | 15 % |
| Rs 12-15 lakh | 20% |
| Above Rs.15 | 30 % |
Some perks for salaried individuals: Standard deduction for salaried individuals is set to increase from Rs.50,000 to Rs.75,000 per annum. Further, the deduction limit for pensioners has been enhanced from Rs.15,000 to Rs.25,000.
Gold and silver ETFs to gain traction: The central government has proposed reduction of custom duty on gold and silver to 6%. So far, it was 10%.
No TDS on dividend reinvestment: There will be no TDS on repurchase of units by mutual funds. This will benefit investors investing in dividend reinvestment plans.
F&O trading to be affected: The government has proposed increasing securities transaction tax (STT) rates on sale of option in securities to 0.1% and sale on futures in securities to 0.02%.
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