23/07/2024
आज मोदीजी ३.o के नेतृत्व में पहला आम बजट सामने आया ।।
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Highlights of Budget 2024-25
✅India’s inflation continues to be low, stable and moving towards the 4 per cent target
✅3 schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers.
✅Education Loan- support for loans upto ` 10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to 1 lakh students every year for annual interest subvention of 3 per cent of the loan amount.
✅Credit Guarantee Scheme for MSMEs in the Manufacturing Sector
✅The limit of Mudra loans will be enhanced to ₹ 20 lakh from the current ₹ 10 lakh for those entrepreneurs who have availed and successfully repaid previous loans
✅Internship in Top companies- An internship allowance of 5,000 per month along with a one-time assistance of 6,000 will be provided. Companies will be expected to bear the training cost and 10 per cent of the internship cost from their CSR funds.
✅3 medicine for cancer patient- Custom Duty exempted
✅BCD on mobile phone, mobile PCBA and mobile charger reduced to 15 per cent.
✅Full exemption customs duties on 25 critical minerals and reduce BCD on two of them
✅Goods for manufacture of leather and textile garments, footwear and other leather articles for export exempted.
Customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent.
✅TDS rate on e-commerce operators is proposed to be reduced from one to 0.1 per cent.
✅An assessment hereinafter can be reopened beyond three years from the end of the assessment year only if the escaped income is ₹ 50 lakh or more, up to a maximum period of five years from the end of the assessment year. Even in search cases, a time limit of six years before the year of search, as against the existing time limit of ten years, is proposed.
✅Short term gains on certain financial assets shall henceforth attract a tax rate of 20 per cent,
✅Long term gains on all financial and non-financial assets, on the other hand, will attract a tax rate of 12.5 per cent
✅Limit of exemption of capital gains on certain financial assets increased to ₹ 1.25 lakh per year
Listed financial assets held for more than a year will be classified as long term, while unlisted financial assets and all non-financial assets will have to be held for at least two years to be classified as long-term.
✅Increase Monetary limits for filing appeals related to direct taxes, excise and service tax in the Tax Tribunals, High Courts and Supreme Court to ₹ 60 lakh, ₹ 2 crore and ₹ 5 crore respectively.
✅Security Transactions Tax on futures and options of securities is proposed to be increased to 0.02 per cent and 0.1 per cent respectively
✅Standard deduction for salaried employees is proposed to be increased from ₹50,000/- to ₹75,000/- under New Tax regime. Slab rate changed under NTR
