Fast and Factual LIVE: Top Highlights From India's Budget 2024; Changes in Income Tax and More

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Published 2024-07-23
Fast and Factual LIVE: Top Highlights From India's Budget 2024; Changes in Income Tax and More

India’s Finance Minister Nirmala Sitharaman presented the Budget for 2024-25, announcing an increase in the standard deduction for salaried employees from Rs 50,000 to Rs 75,000. She also announced changes to the new tax regime that will help taxpayers save up to Rs 17,500. Sitharaman also revealed a comprehensive review of the Income-tax Act of 1961. Additionally, significant changes were announced for the capital gains tax structure. The tax on long-term capital gains (profits from selling assets held for more than two years) has been raised from 10 per cent to 12.5 per cent. Short-term capital gains tax, on profits from selling financial assets within a year, remains at 20 per cent. This adjustment increases the tax burden on long-term investments while keeping short-term gains taxed at a higher rate.

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