Monica Malik Instagram – ✅ Key Highlights of Budget 2024:
1️⃣ New Tax Regime:
Govt. announces new tax regime. Salaried individuals under the new tax regime can now save ₹17,500 in income tax due to the recent changes.
2️⃣ Increased Standard Deduction:
The standard deduction has been raised from ₹50,000 to ₹75,000, providing more relief to taxpayers.
3️⃣ Deduction For Family Pensioners:
Family pensioners will now benefit from an increased standard deduction, up from ₹15,000 to ₹25,000.
4️⃣ Long-Term Capital Gains Tax:
Long-term capital gains will now be taxed at 12.5% instead of 10%, with increase in exemption limit from ₹1 lakh to ₹1.25 lakh per year.
5️⃣ Short-Term Capital Gains Tax:
Short-term capital gains will see a tax rate increase from 15% to 20%.
6️⃣ Increased STT Rates:
The Securities Transaction Tax (STT) on futures will rise to 0.02% from 0.0125%, and on options, it will increase to 0.10% from 0.0625%.
7️⃣ New Internship Scheme:
The government is launching an internship scheme for one crore youth, offering positions in the top 500 companies of India. Interns will receive a monthly stipend of ₹5,000 and a one-time assistance of ₹6,000.
8️⃣ Incentive for EPFO Registrants:
First-time job seekers registering with EPFO and earning below ₹1 lakh per month will receive ₹15,000 from the government.
9️⃣ Education Loans:
The government has announced education loans up to ₹10 lakh for students pursuing higher education in domestic institutions.
1️⃣0️⃣ Increased Mudra Loan Limit:
The loan limit for existing Mudra borrowers has been doubled from ₹10 lakh to ₹20 lakh.
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[ budget, finance, announcement, changes, new, salary, investment, tax, taxseason, taxes, prettymuchfinance ] | Posted on 24/Jul/2024 15:49:08
