In another indication that the old tax regime will be eased out, finance minister Nirmala Sitharaman has tried to make the new tax regime more attractive for taxpayers.She has increased the standard deduction for salaried class by Rs 25,000 from Rs 50,000 to Rs 75,000 while keeping it at the same level of Rs 50,000…
The effect of 2024’s Lok Sabha election results was writ large on the first Budget of Modi 3.0, with employment creation given pride of place and keeping allies happy too very much in focus. The fact that the Budget comes at a time when the govt’s finances are relatively comfortable meant that finance minister Nirmala…
Union finance minister Nirmala Sitharaman on Tuesday announced 3 new schemes to boost employment through the employees’ provident fund organisation (EFPO), focusing on recognition of first-time employees, and support to employees and employers. Giving details about the schemes, Sitharaman said, “Our government will implement 3 schemes for ‘Employment Linked Incentive’, as part of the Prime…
Budget 2024 income tax takeaways: Finance Minister Nirmala Sitharaman on Tuesday presented the first Budget of the Modi 3.0 government. This is the first full budget of the Modi Government post elections. With no major changes being announced in the interim budget, the expectations were high this time around. In line with Government’s focus on…
Finance Minister Nirmala Sitharaman’s Budget 2024 has introduced a significant increase in the standard deduction limit, providing greater tax relief for salaried individuals and pensioners. Here’s a detailed look at the changes and their implications. Union Budget 2024: New standard deduction limits In a move aimed at boosting tax savings, the Finance Minister announced that…
NEW DELHI: Farmer leaders in Punjab on Tuesday expressed their disappointment with the Union Budget presented by Finance Minister Nirmala Sitharaman, claiming it “ignored” the farming sector and failed to address the issue of providing a legal guarantee for minimum support price (MSP). The budget allocates Rs 1.52 lakh crore for the agriculture and allied…
NEW DELHI: There was no big bang for the armed forces, with the defence outlay registering just a meagre 4.8% hike over the previous fiscal’s budgetary estimates and actually going into the negative if revised estimates are taken into account.The overall defence budget was pegged at Rs 6.2 lakh crore ($74 billion), virtually the same…
Budget 2024 income tax changes explained: Salaried taxpayers have reason to cheer! Finance Minister Nirmala Sitharaman announced major changes in the new income tax regime during her Union Budget 2024 speech. These changes will give many salaried taxpayers a benefit of Rs 17,500 – provided that they are opting for the new income tax regime!“Coming…
India’s first budget since Narendra Modi was reelected as prime minister for a third term focused on creating jobs and supporting local businesses and infrastructure without blowing out the deficit.Finance minister Nirmala Sitharaman announced a $24 billion package, with employment-linked measures for businesses to help spur jobs, skilling programs for India’s youth and women, as…
NEW DELHI: The Union Budget 2024 has introduced changes to the taxation of long-term capital gains (LTCG) arising from the sale of property. The indexation benefit, which allowed property owners to adjust their purchase price for inflation, has been removed. Instead, a new LTCG tax rate of 12.5% will be applied to the capital gains…
