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Taxation Central Ministry of Finance Income Tax Act, 1961

Budget speech 2024-25

23-Jul-2024 | F. No. 2(3)-B(D)/2024

Ministry of Finance has presented budget for the 2024-25 on 23th July, 2024 in the parliament.

Key highlights of the Budget :-

1. Tax rate structure in the new income Tax regime has been revised -
1. For 0-3 lakh - Nil
ii. For 3-7 lakh - 5%
iii. For 7-10 lakh - 10%
iv. For 10-12 lakh - 15%
v. For 12-15 lakh - 20%
vi. More than 15 lakh - 30%
vii. Standard Deduction amount raised to 75,000.

2. Capital Gains Tax
Short term capital gain tax revised to 20% while long term capital gain tax raised to 12.5% on Financial assets
STT (Security Transaction Tax) on derivatives raised to to 0.02%.

3. Abolish Angel tax for all classes of investors
4. Simpler tax regime to operate domestic cruise
5. Provide for safe harbour rates for foreign mining companies (Selling raw diamonds)
6. Corporate tax rate on foreign companies reduced from 40% to 35%.


For details please refer the attachment.

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