Key Features of Budget 2024-25: A Comprehensive Overview.
In this post, we will explore the significant changes introduced in the Budget 2024-25.
Direct Taxes
1. TDS on e-commerce has been reduced to 0.1%, from the existing 1%.
2. Tax on STCG on certain financial assets has been fixed at 20% and STCG on other assets will be taxed on slab rates
3. Long term capital gains will be taxed at 12.5% instead of 20%
4. Angel tax on startups has been abolished
5. Buy back of shares is proposed to be taxed in the hands of individuals
6. Income tax rate for Foreign companies has been reduced to 35% from 40%
7. Standard deduction on salary has been increased to 75000 and deduction on family pension has been increased to 25000 in new regime
8. The new tax regime will feature the following slab rates:
| Table Header | Table Header |
|---|---|
Up to ₹3,00,000 | NIL |
₹3,00,001 - ₹7,00,000 | 5% |
₹7,00,001 - ₹10,00,000 | 10% |
₹10,00,001 - ₹12,00,000 | 15% |
₹12,00,001 - ₹15,00,000 | 20% |
Above ₹15,00,000 | 30% |
9. Equalisation levy has been withdrawn
10. Payment made to Partner by a Firm, in the nature of Salary, remuneration, commission, bonus and interest etc, exceeding 20,000 in a year to attract TDS @ 10%
Indirect Taxes
1. BCD on mobile phone, mobile PCBA and mobile charger has been reduced to 15%
2. Custom duty on 25 critical minerals is proposed to be exempted
3. BCD on certain broodstock, polychaete worms, shrimp and fish feed has been reduced to 5%
4. Custom duty on gold and silver has been reduced to 6% and platinum to 6.4%
5. BCD on methylene diphenyl diisocyanate (MDI) for manufacture of spandex yarn has been reduced from 7.5 to 5 per cent
6. Export duty structure on raw hides, skins and leather is proposed to be simplified and rationalised.
7. Period of export of goods imported for repairs has been extended from 6months to 1 year.
